acct338 topic one

8/21/2019 ACCT338 Topic One

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The Government andNot-for-Prot Environment

Chapter One

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Learning Objectives

Characteristics that distinguish governments and not-for prot

organiations from businesses!

The features that distinguish governments from not-for prots!

The overa"" purpose of nancia" reporting in government and

not-for prot sectors!

The information re#uirements of the main users of the

nancia" reports of governments and not-for-prot entities!

The specic objectives of nancia" reporting!

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%efore &e start

The terms Not-for-prot and nonprotcan be used interchangeab"'!

Through out the course( The "etter Grefers to Government and the term NP

refers to NonProt organiation!

)


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Introduction

*tandard setting board for

› state and "oca" governments and governmenta" not-for

prots is Governmental Accounting Standards Board

“GASB”

› federa" government is Federal Accounting Standards

Advisory Board “FASAB”

› private sector( inc"uding nongovernmenta" not-for-

prots is Financial Accounting Standards Board “FASB”

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How do governments andnot-for prots compare with

businesses? G and NP provide services targeted at groups of constituents

either advocating a po"itica" or socia" cause or carr'ing out

research or other activities for the betterment of the societ'!

The objectives of the G , NP are often ambiguous and not

easi"' #uantiab"e!

G,NP have re"ationships &ith parties providing their resources

that are un"ie of businesses!

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businesses?1. Diferent Missions

. The e' objective of nancia" reporting is to provide information

about the entit'/s performance!

. The main objective of a t'pica" business is to earn prot

0inancia" statements can measure this through * , C0!

. %usiness ma' have objective that go be'ond the bottom "ine!

› promote the &e"fare of its e2ecutives , emp"o'ees

› improve the communities

› Produce goods that &i"" enhance the #ua"it' of "ife!

Cannot be measured b' business accounting and reporting!

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. 0inancia" reports of G,NP provide information about n4o&s

56evenues7 and out4o&s 5E2penditures7 of cash and other

resources!

. E2cess of e2penditures over revenues genera""' signa"s

nancia" distress or poor manageria" performance!

. E2cess of revenues over e2penditures is not necessari"'

commendab"e! t ma'be achieved through reducing services(

&hich ma' be at odds &ith the entit'8s/ objective!

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. The goa" of G,NP is something other than earning prot!

.

To assess the organiation8s performance , to report proper"' on

their accomp"ishments( G,NP must augment its nancia"

statements to inc"ude nonnancia" data re"ating to their

objectives( eg:

› a schoo" might inc"ude statistics on student test scores or graduation

rates!

› ; center for home"ess might present data on the number of peop"e fed

or ade#uate"' housed!

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businesses?2. Budgets vs. the Marketplace

G,NP are governed main"' b' their budgets( not the maret

p"ace! 6evenues , E2penditures are contro""ed through the

budgetar' process!

› G revenue ma'be determined b' "egis"ative at( G ma' not be

subject to the forces of competition faced b' businesses!

› NP revenues are obtained form contributions( dues( tuition or user

charges( non of &hich are comparab"e to the sa"es of businesses!

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businesses?2. Budgets vs. the Marketplace

;"though maret mechanisms are &ide"' thought of as

providing a more e>cient distribution of goods and

services( the' can operate on"' &hen there can be no

?free riders@A!

Ban' G services( such as po"ice protection( can not be

provided on"' to pa'ing customers! ence &e must

resort to nonmaret mechanism to a""ocate resources!

A 0ree riders are parties &ho are ab"e to obtain the goods or services &ithout pa'ing forthem

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businesses?3. !penditures and "evenues

Expenditures drive revenues

G,NP estab"ish the "eve" of services that the' &i"" provide( ca"cu"ate

their cost( and then set ta2 rates and other fees to generate the

revenues re#uired to pa' for the services!

› E2amp"e: ni( un"ie businesses( do not set tuition fees at the

highest "eve" that the maret &i"" bear( instead the' ca"cu"ate OPEF(

estimate contributions( endo&ment revenues( and other sources of

funds and then set tuition charges at the rate necessar' to cover

the shortfa""!

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businesses?3. !penditures and "evenues

Expenditures drive revenues

;"though G,NP do not participate in competitive

marets( the' can not simp"' raise revenues &ithout

regard to their services!

› G ma' be constrained b' po"itica" forces!

› niversities ma' have to restrict their tuition rates to

appro2imate"' those of peer schoo"s!

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businesses? #. $ree%inence o& the Budget' not the Annual "eport

0or businesses›the annua" report is the most signicant nancia"document!

›;nnua" budget is nothing more than an interna"document( rare"' made avai"ab"e to investors!

0or G,NP›re"ease of annua" report is usua""' ignored b' bothinsiders , outsiders!

›the budget taes the centre stage! 1)


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businesses? #. $ree%inence o& the Budget' not the Annual "eport

The budget is the cu"mination of the po"itica"

process!

t encapsu"ates a"most a"" of the decisions made

b' the organiation!

›&hich constituents give to the entit' and &hich receive!

›&hich activities are supported and &hich are charged!

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businesses? #. $ree%inence o& the Budget' not the

Annual "eport

The budget is a source of constituent concern and

controvers'!

›G budget hearings often dra& standing room on"'

cro&ds!

›Church budget debates are fre#uent"' mared b' more

intense fervor than &orship services!

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businesses?(. Budgets Drive Accounting ) Financial "eporting

Constituents of an organiation &ant info

› on the e2tent of adherence to the budget!

› assurance that the org has not spent more than &as authoried!

› to no& &hether revenues and e2penses estimates &ere

re"iab"e!

The accounting s'stem and the nancia" reports must be

designed to provide that information!

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Banagers need

›

an accounting s'stem that provides them &ith ongoing data as to&hether the' are on target to meet budget projections!

› a s'stem that prevents them from overspending or sets oH &arning

signa"s &hen the' are about to do so!

;uditors need a basis for assessing an organiation8s

performance!

The budget is a contro" device( but it re#uires the support

of accounting and reporting s'stem! 19


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%udget sho&s ho& much &i"" be spent on a particu"ar activit' and

&hat the activit' &i"" achieve!

; post period assessment focus on &hether the entit' met its revenue

and e2penditure projections and if it achieved the e2pectations!

Eva"uators can then assess organiationa" e>cienc' and eHectiveness

b' comparing inputs 5do""ar e2p7 &ith outputs and outcomes 5resu"ts7!

The accounting s'stem shou"d be designed to faci"itate these

comparisons! Nonmonetar' performance measures are important too!

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businesses?*. +eed to ,nsure ,nterperiod -uit

Bost G are re#uired b' "a&( and NP are e2pected b' po"ic' to

ba"ance their operating budgets!

%a"anced operating budgets ensure that in an' particu"ar

period( revenues cover e2penditures and that the entit'/s

constituents pa' for &hat the' receive!

f organiations fai" to ba"ance their budgets( and borro& to

cover operating decits( then the cost of benets enjo'ed b'

the citiens of toda' must be borne to those of tomorro&!

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businesses?*. +eed to ,nsure ,nterperiod -uit

Intergenerational equity “Interperiod equity”

constituents pa' for the services the' receive and do not

shift the burdens to their chi"dren!

This does not mean that G shou"d never borro&! The

prohibition against debt app"ies on"' to operating e2p( not

capita" e2p!

› E2amp"es: a gov constructed high&a' &i"" produce benets over

IE;6* nancing through debt!

The accounting s'stem of G , NP shou"d provide &hether

interperiod e#uit' is being maintained! $D


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businesses?/. "evenues not ,ndicative o& De%and &or Goods ) Services

0or competitive business(

› revenues signa" customer demand for goods , services!

› o"ding Price constant( the greater the revenue( the greater the demand!

n G , NP( revenues ma' not be "ined to constituents demand or

satisfaction!

› ncrease in ta2 rates( te""s nothing about the #ua"it' of service provided!

› *o( a conventiona" revenue and e2penditure statement &i"" te"" nothing

about the demand( supp"ementar' information is re#uired!

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businesses?0. +o Direct ink Beteen "evenues ) !penditures

6evenues are from donations ma' increase form 'ear to

'ear( but the change ma' be unaccompanied b' acorresponding change in the #uantit'( #ua"it' or cost of

services provided!

Batching princip"e(

› 0or business attempt to match the costs of specic good &ith

revenues that the' generated!

› G , NP associate overa"" revenues &ith the broad categories of

e2penditures the' are intended to cover! $$


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businesses?. Diferent "ole &or 4apital Assets

n"ie business( G , NP mae signicant investment in assets that

neither produce revenue nor reduce e2penditures!

Thus conventiona" business practice for va"uing capita" assets(

PJ5future cash 4o&s7( ma' not app"' to G,NP!

› ; high&a' being considered b' a G( &i"" not 'ie"d cash benets!

› ; co""ege "ibrar' ma' enrich the communit' inte""ectua" "ife!

*ome G,NP assets ma' be more proper"' interpreted as "iabi"ities

because maintaining them &i"" consume rather than provide

resources! $)


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businesses?15. "estriction on "esources

Ban' of G ,NP assets are restricted to particu"ar activities!

› 0edera" G ma' grant the state G a grant for construction of "o& income housing!

› ; cit' hote" ta2 ma' be dedicated to promote tourism!

› ; state/s gaso"ine ta2 ma' be targeted b' "a& at high&a' construction!

G,NP need to must sho& in their nancia" reports that restricted

resources are unavai"ab"e for purposes other than those specied!

;ccounting s'stem must be designed so that management is

prevented from unintentiona""' misspending restricted resources!

G , NP emp"o' a s'stem of accounting no&n as Fund

ccounting! $+


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businesses?11. +o Distinct 6nership ,nterest

Neither G nor NP have dened o&nership interests "ie those of

businesses!

G , NP can/t be so"d( or transferred( ma' be disso"ved though!

;-L K some other term is re#uires instead of O&ners/ E#uit'

0inancia" statements must be prepared for parties other than

stocho"ders!

› G can/t se"" their high&a's!

The "ac of o&nership interest imp"ies that un"ess the entire entit' is

c"osed and its assets are "i#uidated( there ma' be "itt"e interest in the

maret va"ue of its resources! $.


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How do governments and not-for prots compare with

businesses?

In the business sector"

1!E2terna" reports focus onprots( and interna" reportspresent data on other measuresof performance !

$! The budget is an interna"document!

)! There is c"ear distinctionbet&een interna" and e2terna"parties!

In # $ %& arena

1! Prot is not an appropriate

measure of performance! There"evant performance

measures must be dra&n from

the Org goa"s , are un"ie"' to

be the same for a"" users

groups!$! The budget stands as the e'

sca" document!

)! The distinction bet&een

interna" and e2terna" parties is

more ambiguous than it is inbusiness!

12. ess Distinction Beteen ,nternal ) !ternal Accounting) "eporting

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'hat other characteristics of#overnments $ not-for-prots haveaccounting implications?

(! )any di*erent types of government $ not-for

prots!

+! ,hort term focus of managers $ elected

ocials

.! /usiness type activities of government $ not-

for-prots!

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(! )any di*erent types of government $ not-

for prots!

. n *;:


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for prots!

. n *;: 1!$ mi""ion not for prots

. Each 0irm 5G or NP7 &i"" "ie"' diHer from others

in

› *ervices it provides

› ;ssets it contro"s

› Ta2ing and borro&ing authorit' 5for G on"'7

› Parties in &hich it is accountab"e $=


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for prots!

. Their diversit' "imits the suitabi"it' of a common

accounting mode"! 5set of accounting , reporting

princip"es7!

. *tandard setting authorities face a po"ic'

#uestion

“o !"at extent s"ould t"ey adopt common

standards for all G #NP$ as o osed to common)D


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for prots!

. hen entities are simi"ar( common standards ma'

promote comparabi"it'!

. hen entities are not simi"ar( common standards ma'

distort rea"it'! . 6u"e maing authorities are heading in the direction of

one set of common princip"es for a"" NPs and a

separate set for a"" state and "oca" G! )1


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+! ,hort term focus of managers $ elected

ocials

Banagers of both corporations and pub"ic enterprises have beenaccused of sacricing the "ong term &e"fare of their

organiations for short term benets!

› G o>cia"s face e"ection ever' $ or + 'ears! n the periods

prior to e"ection( the' have incentives both to avoid

unpopu"ar measures( such as ta2 increases( and to mae

their G "oo sca""' sound!

› The' can use budgetar' and accounting techni#ues to mae

cosmetic improvements to their entit'8s budget or annua")$


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.! /usiness type activities of government and not-

for-prots!

›

Cities operate e"ectric uti"ities , trash co""ectionservices

› niversities operate boostores , cafeterias

›

Even if prot ma2imiation is not their objective( theseenterprises shou"d be managed as if it &ere!

› Therefore( managers and other parties need the same

nancia" information that o&ners and operators of))


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.! /usiness type activities of government and not-

for-prots!

›

The accounting and reporting practices that are appropriatefor the business t'pe activities of G and NP ma' diHer from

those that are more suitab"e for their nonbusiness activities!

› Thus the cha""enge of deve"oping accounting and reporting

princip"es for G , NP is made even more di>cu"t b' the

potentia" need for more than one set of standards0 even

for a single organi1ation! )+

H d # t


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How do #overnmentscompare with not-for-

prots?G have the authorit' to command

resources

The' have the po&er to ta2( co""ect "icense fees(

and impose charges!

f a G "ac funds to fu""" its ob"igations or enhance

services( it can obtain them b' "egis"ative action!

The actua" assets reported on a government

ba"ance sheet ma' not represent a"" of the assets).

H d # t


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How do #overnmentscompare with not-for-

prots? There is no denitive criteria e2ist to distinguish bet&een G

or NP! Characteristic of G:

1! Po&er to ta2$! G ma' issue ta2-e2empt debt

)! The governing bodies are either popu"ar"' e"ected or

appointed b' another government!

+! ;nother G can uni"atera""' disso"ve it and assume its

assets &ithout compensation!

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'hat are the overall purposesof nancial reporting?

0inancia" statements have va"ues on"' to the e2tent

the' serve the needs of users!

E2terna" nancia" statements shou"d a""o& users to:1! ;ssess nancia" condition

$! Compare actua" resu"ts &ith the budget!

)! Metermine comp"iance &ith appropriate "a&s(

regu"ations( and restrictions on the use of the funds!

+! Eva"uate e>cienc' and eHectiveness!

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1! ;ssess nancia" condition

. sers need to ana"'e past resu"ts and current nancia"

conditions in order to determine the abi"it' of the entit'to meet its ob"igations and to continue to provide

e2pected services!

. Trend ana"'sis 5past vs! current performance7 he"p

users to better predict the future sca" deve"opments

and to foresee the need to changes in revenue sources(

resource a""ocation and capita" re#uirements!

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$! Compare actua" resu"ts &ith the budget :

. Given the importance of budget( users &ant assurance

that the entit' adhered to budget!

)! Metermine comp"iance &ith appropriate "a&s( regu"ations(and restrictions on the use of the funds

. *uch as debt covenants( donor restrictions( debt

"imitations!

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+! Eva"uate e>cienc' and eHectiveness

› sers &ant to no& &hether the entit'

achieved its objectives e>cient"' and eHective"'

b' comparing ;ccomp"ishments 5outcomes7 &ith

service eHorts and costs 5resource inputs7!

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2sers of Financial 3eports

The basic nancia" statements , other information

in e2terna" reports are targeted main"' at parties

outside the organiation to &hom the organiation is

accountab"e!

E2terna" reports ma' not be appropriate for

manageria" decisions!

› E2ecutives , managers shou"d re"' on the interna"

reporting s'stem for nancia" information the' re#uire!

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1! Governing %oards

$! nvestors , Creditors

)! Citiens , organiationa" members

+! Monors , Grantors

.! 6egu"ator' ;gencies

3! Emp"o'ees and other constituents

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(! #overning /oards"

Governing board for a G is an e"ected or appointed

"egis"ature!

Governing board for NP is the board of trustee or

board of directors!

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(! #overning /oards"

Governing boards can8t be categoried as either

nterna" or E2terna" users!

› The G% members come from outside the

management team

› The' approve budgets( contracts( e2ecutive

emp"o'ment!› The' oversee managers( and invo"ve in

managers/ decisions!

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+! Investors $ 4reditors"

G and NP don/t have o&ners( and do not issue

stocs!

G , NP use the same nancia" marets as business

to satisf' their debt nanced capita" re#uirements!

›

G issue %onds to nance "ong term assets 5roads(high&a's( uti"it' s'stems7

› NP used bond nancing for bui"dings , e#uipment!

+.


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Bunicipa" Es CorporateD

1DDD

$DDD)DDD

+DDD

.DDD

5utstanding 6evel of public and private debt0 +778

9 billions

*tate , "oca" G had an estimate of $ tri""ion of bonds

outstanding! This compares &ith +(3 tri""ion outstanding for* corporations!

The amounts high"ights the economic signicance of the

municipa" bond segment! The main purchasers of this debt are househo"ds and mutua"

funds!

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nvestors usua""' inc"ude G , NP bonds as &e""

as corporate bonds in their investment portfo"io!

nvestors &ant assurance that the issuer 5G( NO(

or corporate7 &i"" meet interest, principa"pa'ments!

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Bost bondho"ders are indirect users of nancia"

reports! The' rep"' on the assessment of bond

rating services "ie *tandard , Poor/s!

› These services assign to pub"ic"' traded bonds a

rating 5;;;( ;;( ;( %%%7 re4ective of the

securities/ ris of defau"t!

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G , NP borro& from bans to nance C;PEF or

short term imba"ance in their operations!

Lenders use nancia" statements of G , NP to

assess their credit &orthiness!

+=


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.! 4iti1ens $ 5rgani1ational members"

Citiens 5or ta2pa'ers7 are signicant users of

nancia" reports!

n rea"it' fe& citiens ever see 06( perhaps the

reports are s"o& to appear and are not userfriend"'!

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Citiens obtain the data through variet' of

"ters:

› Civic associations( po"itica" groups( , media!

Citiens ma' not tae attention( but the'

denite"' notice the nancia" mismanagementthat ma' cause une2pected revenue shortfa"" or

cost overruns!

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The members of a NP interest in the nancia" statement

depend on

› Organiation8s *ie and membership invo"vement!

4ountry club members ma' pa' more attention to the

nancia" aHairs of the c"ub( than do the members of

broader based organiations "ie %ational #eography

,ociety! %ecause the countr' c"ub/s nancia" position

and performance more directly a*ect their dues and

fees!

.$


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8! :onors $ #rantors"

Bajor donors and grantors ana"'e the nancia"

reports carefu""'!

ndividua" donors shou"d a"so obtain nancia"

information before contributing!

nformation shou"d be avai"ab"e from the org or from

regu"ator' authorities!

.)


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;! 3egulatory gencies"

Loca" governments usua""' are re#uired to "e

nancia" reports &ith state agencies!

Charitab"e organiations are re#uired to "e

nancia" reports &ith state or "oca" authorities

.+


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;! 3egulatory gencies"

6egu"ator' authorit'

›

ensure that entities are spending and receivingresources in accordance &ith "a&( regu"ations( or

po"icies!

› ;ssess management performance

› To a""ocate resources

› E2ercise genera" oversight!

..


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statements "ooing for &a' to sa"ar' increase!

*tudents have been no&n to use budgets and

annua" reports to support their c"aims that the

universit' need not raise tuition( or can aHord a

ne& student centre!

.3


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5b>ectives of Financial

3eporting

The overa"" objective of nancia"

reporting is to meet the information

needs of report users!

G;*% objectives!

0;*% objectives

.9


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3eporting

F,/ 5b>ectives"

0inancia" reporting b' nonbusiness organiation

shou"d provide information that is usefu" to

present and potentia" resource providers and

other users in maing decisions about the

a""ocation of resources to those organiations!

.<

b> i f i i l


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3eporting

F,/ 5b>ectives"

0inancia" reporting shou"d provide information

to he"p present and potentia" resource providers

and other users in assessing the services that a

nonbusiness organiation provides and its

abi"it' to continue to provide those services!

.=

5b> i f Fi i l


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3eporting

F,/ 5b>ectives"


that is usefu" to present and potentia" resource

providers and other users in assessing ho&

managers of a nonbusiness organiation have

discharged their ste&ardship responsibi"ities

and about other aspects of their performance!

3D

5b> i f Fi i l


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3eporting

F,/ 5b>ectives"


about the economic resources( ob"igations( and

net resources of an organiation( and the

eHects of transitions( events( and

circumstances that change resources and

interests in those resources!

31

5b> ti f Fi i l


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3eporting

F,/ 5b>ectives"


about the performance of an organi'ation

during a period( periodic measurement of the

changes in the amount and nature of t"e net

resources of a nonbusiness organiation( and

information about the service e(orts and

accomplis"ments of an organiation!

3$

5b> ti f Fi i l


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3eporting

F,/ 5b>ectives"


about ho& an organiation obtains and spends

cash or other "i#uid resources( about its

borro&ing( and repa'ment of borro&ing( and

about other factors that ma' aHect the

organiation8s "i#uidit'!

3)

5b> ti f Fi i l


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3eporting

F,/ 5b>ectives"

0inancia" reporting shou"d nc"ude e2p"anations

and interpretations to he"p users understand

nancia" information provided!

3+

5b> i f i i l


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5b>ectives of Financial3eporting

,ervice =*orts $ ccomplishments seen as a 6ong-term #oal"

0;*% noted that nancia" reporting shou"d encompass

in&or%ation on service eforts and acco%plish%ents.

This information can not be easi"' e2pressed in monetar'

units and has not traditiona""' been inc"uded in nancia"

statements!

0;*% emphasie that the abi"it' to measure accomp"ishments

is sti"" undeve"oped!

0;*% sees the aspect of performance reporting as a "ong term3.

M MiH i ; ti


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Mo MiHerences in ;ccountingPrincip"es rea""' matter

0inancia" statements demonstrate &hat happened to an entit'

in the past!

0* present the evidence from the perspective of the

accountant &ho prepares them! Other accountants ma'

describe the events diHerent"'!

The accounting princip"es dictate ho& the evidence is

presented!

:oes the di*erence in ccounting &rinciples change the

decision made on the basis of nancial statements?

33

M MiH i ; ti


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2ser d>ustment"

sers of nancia" statements can be indiHerent to ho& an

entit'8s sca" stor' is to"d( as "ong as the' are given

ade#uate information!

6esearch in corporate sector provides evidence that

stocho"ders are ab"e to see through the diHerences and

adjust nancia" statements to tae the diHerence into

account!

39

Mo MiHerences in ;ccounting


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2ser d>ustment"

The ?e>cienc'@ of the municipa" bond maret has been

investigated much "ess than the e>cienc' of the stoc

maret! !

E>cienc' refers to the e2tent to &hich the price of the bond incorporates a""

pub"ic information! 3<



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=conomic 4onsequences "

The accounting princip"es fre#uent"' have

economic conse#uences!

mportant decisions are made based on the

nancia" data!

3=



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he choice of accounting principles is critical"

Bost G budget on cash or near cash basis! f the' &erere#uired to budget on fu"" accrua" basis( their budgets

might unba"ance!

9D



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he choice of accounting principles is critical"

G ma' face restrictions on the amount of debt the' incur! The

use of one set of accounting princip"es in dening ,

measuring debt 5not counting "ease as an ob"igation7 might

enab"e them to issue additiona" bonds! The use of diHerent

set 5counting "ease as ob"igation7 might cause them to

e2ceed the "imits and be barred from borro&ing!

91


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'ho establishes #&?

Genera""' ;ccepted ;ccounting Princip"es 5G;;P7

embrace the ru"es and conventions that guide the form

and content of genera" purpose nancia" statements!

Primar' standard setting authorities5G;*%( 0;*;%( ,

0;*%7 has been sanctioned b' ;CP;!

9$

= titi t # $ %&


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=ntities common to # $ %&sectors

0;*%( created in 1=9)( has directed its intention to

business enterprises rather than not-for-prots! n 1=9=(

it assumed responsibi"it' of NP!

G;*% have authorit' over a"" state and "oca" government

entities inc"uding government co""eges and government

universities and government hospita"s!

0;*% have authorit' on a"" other entities inc"uding

private co""eges and universities!

9)


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=nd of opic 5ne

9+

acct338 topic one

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