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Governmental Accounting Research Study

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Take a moment to brainstorm: What are some issues you can think of that might be unique to governmental accounting?

In your own words, explain why it makes sense that an accounting support fee, assessed to

participants in the municipal bond trading market, is used to fund the GASB.

Exercise: Governmental Accounting Research Exercises

a. Using the GASB Codification, locate and describe the requirement that each governmental entity should

publish an annual comprehensive annual financial report (CAFR). Name two items that should be included

in the financial section of the CAFR.

b. Next, describe what “Part” (I, II, III, or IV) of the GASB Codification this requirement is included within,

and why.

3. On the GASB website, locate the Status page for GASB Statement No. 13, Accounting for Operating Leases

with Scheduled Rent Increases. What GASB Statement superseded this standard?

4. Using the GASB Codification:

a. What measurement attribute is generally used to account for inventory?

b. Provide both the GASB Codification reference to this guidance, as well as the original GASB standard

number. Describe how you located the original GASB standard number.

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