Monday, July 8, 2013

SFFAS 7 – Implementation Guide - Federal Accounting Standards

SFFAS 7 – Implementation Guide - Federal Accounting Standards ...This is the original Revised Implementation Guide to SFFAS 7; it has not been updated for subsequent changes to SFFAS 7. Please check for the most recent SFFAS 7 file in the FASAB Handbook at www.fasab.gov/pdffiles/handbook_sffas_7.pdf. Federal Accounting Standards Advisory Board Implementation Guide to Statement of Financing in Statement of Federal Financial Accounting Standards 7, Accounting for Revenue and Other Financing Sources: Detailed Information on the Statement of Financing April 2002 This is the original Revised Implementation Guide to SFFAS 7; it has not been updated for subsequent changes to SFFAS 7. Please check for the most recent SFFAS 7 file in the FASAB Handbook at www.fasab.gov/pdffiles/handbook_sffas_7.pdf. SFFAS 7 IMPLEMENTATION GUIDE 2 This implementation guide presents explanations of concepts and

standards intended to help practice and understanding. In April 2000, the American Institute of Certified Public Accountants established the hierarchy of accounting principles for Federal government entities (see Statement of Auditing Standards 69 and 91 and Office of Management and Budget (OMB) Bulletin 01-09, section 1.2) wherein Implementation Guides occupy level “D.” However, the financial statement formats illustrated in this Implementation Guide are not intended to be authoritative. They provide a framework, consistent with and amplifying the OMB’s periodic bulletins on the form and content of agency financial statements (see OMB Bulletin 01-09), within which individual entities have the flexibility to provide useful information. Federal Accounting Standards Advisory Board Implementation Guide, Statement of Financing This is the original Revised Implementation Guide to SFFAS 7; it has not been updated for subsequent changes to SFFAS 7. Please check for the most recent SFFAS 7 file in the FASAB Handbook at www.fasab.gov/pdffiles/handbook_sffas_7.pdf. SFFAS 7 IMPLEMENTATION GUIDE 3 TABLE OF CONTENTS Page No. Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Background on the Statement of Financing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Basic Construction of the Statement of Financing. . . . . . . . . . . . . . . . . . . . . . . . . . 7 Budgetary Resources Used to Finance Activities . . . . . . . . . . . . . . . . . . . . . . . . 8 Other Resources Used to Finance Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Resources Which Do Not Finance the Net Cost of Operations . . . . . . . . . . . . 14 Components of Net Cost of Operations Which Do Not Generate or Use Resources in the Reporting Period . . . ....

Website: www.fasab.gov | Filesize: 534kb
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