Abstract:The field of governmental accounting and financial reporting has undergone significant growth and development over the last 30 years. Generally accepted accounting principles for governments now have ...The field of governmental accounting and financial reporting has undergone significant growth and development over the last 30 years. Generally accepted accounting principles for governments now have developed into highly specialized standards used in financial reporting by an increasing number of these entities. The Governmental Accounting Standards Board has designed a model for financial reporting by governments that results in a significantly different look to governmental financial statements from those of the past, as well as from those of commercial organizations. This chapter provides a background on the development and purpose of governmental accounting standards. It deals with entities covered by governmental accounting principles, overviews the history of governmental accounting standards setting, and presents the objectives of governmental accounting and financial reporting. The chapter also presents communication methods, the elements of financial statements, and hierarchy of governmental accounting standards.Read More
Publication Year: 2020
Publication Date: 2020-07-17
Language: en
Type: other
Indexed In: ['crossref']
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