State and Local Governments - Audit and Accounting Guide

This guide summarizes new standards, guidance, and practices, and delivers "how-to" advice for handling audit and accounting issues common to state and local governments.

Updated as of March 1, 2011, the guide includes relevant information contained in applicable standards and other technical sources Whether you are a financial statement preparer or auditor it is critical to understand the complexities of state and local governments including revenue and expense recognition, asset valuation, and financial statement presentation. This guide provides an in depth discussion and guidance on accounting and auditing considerations for capital assets and investments, including derivatives, and includes examples of auditor’s reports for a variety of situations encountered in practice. All content is reviewed by industry experts and approved by the appropriate AICPA senior technical committee(s). A subject index has been added to the guide for ease of use.

Updates significant to this Guide include technical guidance contained in:

• GASB Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions
• GASB Statement No. 53, Accounting for Financial Reporting for Derivative Instruments
• Statement on Auditing Standards No. 117, Compliance Auditing

For a topical listing of subject matter by chapter, click on the Table of Contents tab.

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