The Usefulness of Fair Value Reporting of Investments in Governmental Fund Financial Statements PDF Download
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Author: George Louis Hunt
Publisher:
ISBN:
Category : Accounting
Languages : en
Pages : 454
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Book Description
The Governmental Accounting Standards Board (GASB) issued Statement No. 31, "Accounting and Financial Reporting for Certain Investments and for External Investment Pools", in March 1997. The standard requires governments to report most investments at fair value in the balance sheet and recognize changes in fair value as revenues in the operating statement. Fair value reporting in the public sector has received little research attention. The purpose of this study was to examine the usefulness of fair value reporting of investments in governmental fund financial statements. Three primary research questions were examined by surveying external and internal financial statement users. Do users of governmental fund financial statements (1) use fair value information when analyzing financial statements? (2) find fair value information, cost-based information, and other investment information and disclosures useful? (3) experience significant effects on analyses of financial statements or management of investments? A quasi-experimental design was developed to test the use of fair value information. Survey methodology was employed to collect user perceptions of the usefulness of fair value information, cost information, and other disclosures. Users were also asked about the effects of fair value reporting on external user analyses of financial statements and internal user management of investments. Overall, the results of the research do not support the GASB position that fair value reporting is more useful to statement users. The results were mixed and differences existed between user groups. The majority of respondents used cost information when analyzing governmental fund financial statements. However, no clear preference for fair value reporting or cost-based reporting emerged. Findings revealed that both fair value and cost information are useful to statement readers. Other investment-related disclosures would also be useful to users. Overall, the effects of fair value reporting are not significant for financial statement users. Additional research needs to be conducted to validate these findings.
Author: George Louis Hunt
Publisher:
ISBN:
Category : Accounting
Languages : en
Pages : 454
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Book Description
The Governmental Accounting Standards Board (GASB) issued Statement No. 31, "Accounting and Financial Reporting for Certain Investments and for External Investment Pools", in March 1997. The standard requires governments to report most investments at fair value in the balance sheet and recognize changes in fair value as revenues in the operating statement. Fair value reporting in the public sector has received little research attention. The purpose of this study was to examine the usefulness of fair value reporting of investments in governmental fund financial statements. Three primary research questions were examined by surveying external and internal financial statement users. Do users of governmental fund financial statements (1) use fair value information when analyzing financial statements? (2) find fair value information, cost-based information, and other investment information and disclosures useful? (3) experience significant effects on analyses of financial statements or management of investments? A quasi-experimental design was developed to test the use of fair value information. Survey methodology was employed to collect user perceptions of the usefulness of fair value information, cost information, and other disclosures. Users were also asked about the effects of fair value reporting on external user analyses of financial statements and internal user management of investments. Overall, the results of the research do not support the GASB position that fair value reporting is more useful to statement users. The results were mixed and differences existed between user groups. The majority of respondents used cost information when analyzing governmental fund financial statements. However, no clear preference for fair value reporting or cost-based reporting emerged. Findings revealed that both fair value and cost information are useful to statement readers. Other investment-related disclosures would also be useful to users. Overall, the effects of fair value reporting are not significant for financial statement users. Additional research needs to be conducted to validate these findings.
Author: Financial Accounting Foundation. Governmental Accounting Standards Board
Publisher:
ISBN:
Category : Finance, Public
Languages : en
Pages : 68
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Book Description
Author:
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 80
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Book Description
Author: Michael H. Granof
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 436
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Book Description
* Begins with a thorough exploration of the environment and objectives of government and not-for-profit organizations, how they differ from businesses, and how and why the environment and objectives affect the reporting and interpretation of accounting information. * Discusses the reasons for and advantages and limitations of accounting standards throughout the text. * Includes problems that give student the opportunity to gain hands-on experience with recording and reporting accounting information, and explore the purpose of standards and the meaning and usefulness of reported information. * Includes a full chapter on financial analysis for governments and not-for-profit organizations-a topic generally not included in accounting texts. * Discusses the basic financial statements of Orlando, Florida. Orlando was an early adopter of Statement No. 34 and has now prepared three annual reports under the new standards. Orlando's financial report also is available on the Internet. * Each of the chapters on government accounting includes questions designed to help students find information related to the chapter topics and understand the meaning of that information.
Author: Peter Walton
Publisher: Routledge
ISBN: 1136713107
Category : Business & Economics
Languages : en
Pages : 417
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Book Description
Comprising contributions from a unique mixture of academics, standard setters and practitioners, and edited by an internationally recognized expert, this book, on a controversial and intensely debated topic, is the only definitive reference source available on the topics of fair value and financial reporting. Drawing chapters from a diverse range of contributors on different aspects of the subject together into one volume, it: examines the use of fair value in international financial reporting standards and the US standard SFAS 157 Fair Value Measurement, setting out the case for and against looks at fair value from a number of different theoretical perspectives, including possible future uses, alternative measurement paradigms and how it compares with other valuation models explores fair value accounting in practice, including audit, financial instruments, impairments, an investment banking perspective, approaches to fair value in Japan and the USA, and Enron’s use of fair value An outstanding resource, this volume is an indispensable reference that is deserving of a place on the bookshelves of both libraries and all those working in, studying, or researching the areas of international accounting, financial accounting and reporting.
Author: Girard Miller
Publisher:
ISBN:
Category : Finance, Public
Languages : en
Pages : 392
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Book Description
Author: H. P. A. J. Langendijk
Publisher: John Wiley & Sons
ISBN:
Category : Business & Economics
Languages : en
Pages : 392
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Book Description
The failure of current mechanisms to either predict the collapse of various companies or curb corrupt practises has kept the subject of external reporting to the fore. Is Fair Value Fair? Financial Reporting in an International Perspective contains contributions from many highly-respected individuals involved in external reporting, regulation and standard setting. Their contributions discuss the future of regulation application of standards supervision audit Current trends are discussed, as are ways in which the current regulatory environment could be improved. The new IFRS regulations coming into force in 2005 are set to radically change the various methods of financial reporting. Is Fair Value Fair? fully prepares readers for these changes and is an invaluable tool for corporate financiers and institutional investors with an interest in the regulatory environment.
Author: Earl Ray Wilson
Publisher: Irwin Professional Publishing
ISBN:
Category : Business & Economics
Languages : en
Pages : 804
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Book Description
Accounting and financial reporting for government and Not-for-Profit Entities.
Author: United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 228
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Book Description
Author: Warren Ruppel
Publisher: John Wiley & Sons
ISBN: 0470453273
Category : Business & Economics
Languages : en
Pages : 577
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Book Description
The most practical, authoritative guide to governmental GAAP Wiley GAAP for Governments 2010 is a comprehensive guide to the accounting and financial reporting principles used by state and local governments as well as other governmental entities. 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. Full coverage of authoritative accounting standards Extremely useful and user-friendly examples, illustrations, and helpful practice hints A comprehensive guide to the accounting and financial reporting principles used by state and local governments as well as other governmental entities Provides a look ahead to the status of current and future Governmental Accounting Standards Board standards and projects Offers information on the very latest in standard-setting activities Wiley GAAP for Governments 2010 is a thorough, reliable reference you'll consistently keep on your desk rather than on your bookshelf.
