Wiley GAAP for Governments 2006: Interpretation and Application of Generally Accepted Accounting Principles for State and Local Governments

Wiley GAAP for Governments 2006: Interpretation and Application of Generally Accepted Accounting Principles for State and Local Governments

by Warren Ruppel

Paperback(Revised Edition)



Wiley GAAP for Governments 2006 is a comprehensive guide to the accounting and financial reporting principles used by state and local governments as well as other governmental entities. Financial statement preparers, attestors, and readers will find its full coverage of authoritative accounting standards, coupled with many examples, illustrations, and helpful practice hints, extremely useful and user-friendly. Designed with the needs of the user in mind, a New Developments chapter keeps you informed of all the important developments in governmental GAAP during the past year. A look ahead to the status of current and future Governmental Accounting Standards Board standards and projects provides information on the very latest in standard-setting activities and covers:

  • GASB Statement 43, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans, which together with Statement No. 45 will radically change the accounting for OPEBs by employers and OPEB plans
  • GASB Statement 44, Economic Condition Reporting: The Statistical Section, which updates the comprehensive annual financial report requirements for the statistical section
  • GASB Statement 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions, which will have a major impact on the financial statements of many governmental employers and will require significant implementation planning
  • GASB Statement No. 46, Net Assets Restricted by Enabling Legislation—an amendment of GASB Statement No. 34
  • GASB Statement No. 47, Accounting for Termination Benefits, which addresses when to recognize liabilities and expenses for termination benefits
  • GASB Concepts Statement No. 3, Communication Methods in General Purpose External Financial Reports That Contain Basic Financial Statements, which addresses the various types of communication methods inherent in financial statements, such as the basic financial statements, notes, and required supplementary information
  • GASB Technical Bulletin No. 2004-2, Recognition of Pension and Other Postemployment Benefit Expenditures/Expense and Liabilities by Cost-Sharing Employers, which addresses the timing of expenditure recognition for pension contributions
  • Exposure Draft Sales and Pledges of Receivables and Future Revenues, which addresses factors to determine when these transactions are sales or loans
  • Preliminary Views Document Accounting and Financial Reporting for Pollution Remediation Obligations, which addresses the timing of the recognition of liabilities relating to pollution remediation

Wiley GAAP for Governments 2006 strives to be a thorough, reliable reference that you'll use constantly. It's designed to be kept on your desk rather than on your bookshelf.

Product Details

ISBN-13: 9780471726937
Publisher: Wiley
Publication date: 02/24/2006
Series: Wiley GAAP for Governments: Interpretation and Application of GAAP for State and Local Governments Ser.
Edition description: Revised Edition
Pages: 512
Product dimensions: 9.10(w) x 7.40(h) x 1.20(d)

About the Author

Warren Ruppel, CPA, is the Director of Government Services at Marks, Paneth & Shron, CPAs, New York. He formerly was the assistant comptroller for accounting of the City of New York, where he was responsible for all aspects of the City’s accounting and financial reporting. He has over twenty-five years of experience in governmental and not-for-profit accounting and financial reporting. He began his career at KPMG after graduating from St. John’s University, New York. His involvement with governmental accounting and auditing began with his first audit assignment—the second audit ever performed of the financial statements of the City of New York. From that time he served many governmental and commercial clients until he joined Deloitte & Touche in 1989 to specialize in audits of governments and not-for-profit organizations. Mr. Ruppel has also served as the chief financial officer of an international not-for-profit organization.
Mr. Ruppel has served as instructor for many training courses, including specialized governmental and not-for-profit programs and seminars. He has also been an adjunct lecturer of accounting at the Bernard M. Baruch College of the City University of New York. He is the author of five other books, OMB Circular A-133 Audits, Not-for-Profit Organization Audits, Not-for-Profit Accounting Made Easy, Government Accounting Made Easy, and Not-for-Profit Audit Committee Best Practices.
Mr. Ruppel is a member of the American Institute of Certified Public Accountants as well as the New York State Society of Certified Public Accountants, where he serves on the Governmental Accounting and Auditing and Not-for-Profit Organizations Technical Committees. He is the Chair of the Society’s Audit Committee. He is also a past president of the New York Chapter of the Institute of Management Accountants. Mr. Ruppel is a member of the Government Finance Officers Association and serves on its Special Review Committee.

Read an Excerpt


Governmental accounting is a specialized area that has undergone significant changes over the past few decades. As governmental accounting standards have developed, the complexities of preparing financial statements for governmental entities have greatly increased. Providing meaningful financial information to a wide range of users is not an easy task. Adding to these challenges, the Governmental Accounting Standards Board (GASB) has recently brought sweeping changes to the governmental financial reporting model.

Given this rapidly changing environment, the financial statement preparer needs a technical resource that provides more than accurate, competent technical information. The resource needs to be written to fit today's governmental accounting environment. It needs to take a fresh look at some of the long-standing accounting questions faced by governments and to provide meaningful up-to-date information on recently issued and soon-to-be-issued accounting pronouncements. Filling that need is the goal of this Guide.

The Guide is divided into four parts. Part I provides an overview of governmental accounting principles and the basic financial statements prepared by governments. Part II describes the various types of funds and account groups currently in use by governmental entities. Part III examines the areas that are either special to governments or where the accounting principles applied by governments differ significantly from those used in the private sector. Part IV examines the accounting and financial reporting requirements for several specific types of governmental entities. The Guide also includes a "Disclosure Checklist," which should prove very helpful in determining the completeness of a governmental entity's financial statement disclosures.

This book would not have come to fruition without the hard work and perseverance of a number of individuals. John DeRemigis of John Wiley & Sons had the confidence to work with me in developing the original concept for the book and in ensuring its continuing quality and success. Pam Miller's efforts in producing the book are greatly appreciated. Of course, none of the technical skills or publishing resources work well without a supportive family, for which I am grateful to my wife Marie, and my sons Christopher and Gregory.

Warren Ruppel
New York
January 2001

Table of Contents

1. New Developments.

2. Overview of Accounting and Financial Reporting by Governments.

3. Accounting Fundamentals—Fund Accounting Fundamentals and Basis of Accounting/Measurement Focus.

4. The Importance of Budgets to Governments.

5. Financial Statements Prepared by Governments.

6. Definition of the Reporting Entity.

7. General Fund and Special Revenue Funds.

8. Capital Projects Funds.

9. Debt Service Funds.

10. Proprietary Funds.

11. Fiduciary Funds.

12. Capital Assets.

13. Long-Term Obligations.

14. Nonexchange Transactions.

15. Cash and Investments—Valuation and Disclosures.

16. Accounting for Securities Lending Transactions.

17. Compensated Absences.

18. Employer’s Accounting for Pensions.

19. Accounting for Postemployment Benefits other than Pensions.

20. Interfund and Intra-Entity Transactions.

21. Risk Financing and Insurance-Related Activities/Public Entity Risk Pools.

22. Accounting for Leases.

23. Landfill Closure and Postclosure Care Costs.

24. Public Employee Retirement System Financial Statements.

25. Educational Institutions.

26. Other Governmental Entities.

Appendix: Disclosure Checklist.


Customer Reviews

Most Helpful Customer Reviews

See All Customer Reviews