Reference no: EM131332424
Infrastructure and GASB Statement
1. Answer the following questions with regard to infrastructure:
A) What is infrastructure?
B) What are two methods that might be used to record infrastructure expense from year to year? How is the accounting different under the two methods?
C) What conditions must exist in order to use the modified approach to record and report infrastructure?
D) What are the disclosed requirements if the modified approach is used?
2. Under the reporting model required by GASB Statement 34, fund statements are required for governmental, proprietary, and fiduciary funds. Government-wide statements include the Statement of Net Position and Statement of Activities. Answer the following questions related to the reporting model:
i. What is the measurement focus and basis of accounting for: (a) governmental fund statements, (b) Proprietary fund statements, (c) fiduciary fund statements, and (d) government-wide statements?
ii. Indicate differences between fund financial statements and government-wide statements with regard to: (a) component units, (b) fiduciary funds, and (c) location of internal service funds.
iii. Indicate what should be included in the Statement of Net Position categories: (a) Net Investment in Capital Assets; (b) Restricted, and (c) Unrestricted.
3. GASB provides guidance for reporting by special-purpose entities. That guidance depends upon whether special-purpose entities are engaged in activities that are governmental-type, business-type only, or fiduciary-type only. Discuss the guidance and list required basic financial statements for:
a. Governments engaged in governmental-type activities. Include those that are engaged in governmental- and business-type activities, more than one governmental activity, and only one governmental activity.
b. Governments engaged in business-type activities only.
c. Governments engaged in fiduciary-type activities only.
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