accounting for governmental & nonprofit 16e solution manual chapter 17

8/11/2019 Accounting for Governmental & Nonprofit 16e Solution Manual Chapter 17

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Chapter 17 - Accounting and Reporting for the Federal Government

Accounting for Governmental Nonprofit 16thEdition by Reck Solution Manual

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CHAPTER 17: ACCOUNTING AND REPORTING FOR THE FEDERAL

GOVERNMENT

OUTLINE

Number Topic TypeT!"# $%!%u"

&re: 1'e(

)ue"%io*":

17-1 Federal financial management responsibilities #dentif5 *e6

17-2 Federal GAA" hierarch5 Compare *e617- Conceptual frame6or escribe 11-17-4 Accounts used in federal accounting $plain 11-417-8 *et position and net assets Compare 11-817-9 FA(A) compared to GA() Contrast 11-917-7 Federal funds #dentif5, compare *e617-: (te6ardship assets efine, compare *e617-; )udgetar5 accounts used b5 federal agencies #dentif5 11-;

17-1
mailto:[email protected]:[email protected]


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17-10 "erformance accountabilit5 report $plain, identif5 *e6

C!"e":

17-1 Agenc5 "AR and audit report Calculate, eplain *e617-2 FA(A) #nternet *e6

17- .!(! Government-6ide financial statement audit #nternet, evaluate 11- revised

E+erci"e"Prob,em":

17-1


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CHAPTER 17: ACCOUNTING AND REPORTING FOR THE FEDERAL

GOVERNMENT

Ans6ers to >uestions

17-1! Although the three principals of the =oint Financial /anagement #mprovement "rogram?=F/#"@ have the authorit5 for establishing sound financial management polic5 andoversight, the principals have delegated the responsibilit5 to the %ffice of /anagementand )udgets %ffice of Federal Financial /anagement, the %ffice of "ersonnel/anagement, and the Chief Financial %fficers Council! &he delegation occurred in 2004,once the principals of the =F/#" 6ere satisfied 6ith the operations of the FA(A)!=F/#" no longer meets as a stand-alone organiBation! ?&he three principals of the =F/#"are the Comptroller General, the (ecretar5 of the &reasur5, and the irector of %ffice of/anagement and )udget!@

17!2! &he GAA" hierarchies for the federal government and state and local governments are

uite similar! %ne maDor difference is that federal authoritative guidance comes fromFA(A) 6hile state and local government authoritative guidance is issued b5 GA()!&here are also some differences in the t5pe of outside guidance accepted as authoritativeb5 the t6o standard-setting bodies! )oth hierarchies have been codified b5 the respectivestandard-setting bodies, the FA(A) and the GA()!

&here are four categories of principles 6ith the highest level ?categor5 a@ being thestatements and interpretations issued b5 the respective standard-setting bodies! Categor5aprinciples can also be found in the FA() or A#C"A pronouncements if made applicableto state and local governments b5 the GA()! &he categor5 bprinciples include the&echnical )ulletins issued b5 the respective standard-setting bodies! A#C"A #ndustr5 andAccounting Guides are also considered categor5 bprinciples if made applicable to federalentities b5 the FA(A) or state and local governments b5 the GA()! &he GA() can alsomae A#C"A (tatements of "osition applicable! Categor5 cprinciples are different for thet6o hierarchies!Technical Releases of the Accounting and Auditing PolicyCommittee of the FASAB are considered category cfor federal entities;whereas, AICPA Practice Bulletins made applicale y !ASB are consideredcategory cfor state and local go"ernments# Category dguidance is thesame, consisting of implementation guides issued y the respecti"e standard$setting odies, as well as widely accepted practices#

17!! &he conceptual frame6or for the federal government is at about the same stage as that

for state and local governments, even though the GA() 6as established si 5ears earlier!&he FA(A) has issued si concepts statements, and the GA() five! (tatement ofFederal Financial Accounting Concepts ?SFFAC) No. 1identifies the users of federalfinancial information and their information needs, and establishes the obDectives offinancial reporting for the federal government, much lie GA() Concepts Statement No.1! SFFAC No. 2provides criteria for determining the reporting entit5 and providesguidance on the nature of the financial statements to be prepared and their form andcontent! &he GASBS 14?a reporting standard rather than a concepts statement@ provides

17-


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Ch! 17, Ans6ers, 17- ?Contd@

comparable criteria to SFFAC No. 2for defining the reporting entit5! SFFAC No. 3describes the /anagement iscussion E Anal5sis as does GASBS No. 34! SFFAC No. 4for the federal government describes five intended audiences and ualitativecharacteristics for the consolidated financial report of the .! (! Government, as does theGA()s Concepts Statement No. 1 for state and local governments! SFFAC No. 5describes the elements of financial statements, similar to GA()s Concepts Statement 4titled $lements of Financial (tatements! Recentl5 issued SFFAC No. 6is similar to theGA()s Concepts Statement 3on communication methods in general purpose eternalfinancial reporting!

17!4! &he account nameEstimated Revenesused b5 state and local governments is abudgetar5 account representing the governments estimate of the amount of revenueepected to be realiBed during the 5ear! Federal agencies use the account !t"e#App#op#iations Rea$i%edin their budgetar5 trac to capture the amount Congress hasappropriated to an agenc5 for the upcoming 5ear! !t"e# App#op#iations Rea$i%edis forbasic operating appropriations, rather than appropriations earmared for specificpurposes! !t"e# App#op#iations Rea$i%edis closer in meaning toApp#op#iationsof stateand local governments than it is toEstimated Revenes!

A federal agenc5 uses the accountFnd Ba$ance &it" '.S. (#eas# in its proprietar5trac as an asset that represents the balance available to the agenc5 at the epartment of&reasur5! &his account 6ould be most similar to cash and cash euivalents at the stateand local government level! Fnd Ba$ance &it" '.S. (#eas#6ill be reducedthroughout the 5ear b5 the dollar value of checs dra6n! (ee #llustration 17-12 for acomparison of these terms! )ecause the5 are budgetar5 accounts,Estimated Revenesand !t"e# App#op#iationsRea$i%edhave more in common 6ith each other than either onedoes 6ithFnd Ba$ance &it" t"e '.S. (#eas#!

17!8! Agree, in part! &he net position account on the balance sheet of a federal agenc5represents the difference bet6een assets and liabilities, as net position does for a state orlocal government! 'o6ever, net position is classified into t6o categories unependedappropriations and cumulative results of operations, 6hich are different than theclassifications of net position for a state or local government! .nependedappropriations is the amount of the entit5s appropriations represented b5 undeliveredorders and unobligated balances! Cumulative results of operations is measured since theinception of the activit5 as the net difference bet6een epensesHlosses and financingsources, 6hich includes appropriations, revenues, and gains!

17-9! Agree, in part! #t is true that the FA(A) sets standards for eternal financial reporting forfederal agenciesI ho6ever, its mission is considerabl5 broader than GA()s mission inthat it also sets standards for internal management accounting and performancemeasurement! For eample, FA(A)s obDectives for eternal financial reporting aredesigned to assist users in evaluating budgetar5 integrit5, operating performance,ste6ardship, and adeuac5 of s5stems and controls! &he audiences for federal financial

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Ch! 17, Ans6ers, 17-9 ?Contd@

reports include Congress, federal eecutives, program managers, as 6ell as citiBens andtheir intermediaries! Although the GA() does provide guidance in presentinginformation on service efforts and accomplishments, its mission and activities to datehave been primaril5 focused on eternal financial reporting and governmental GAA"!

17!7! &he t6o groups of funds used b5 federal government entities are federal funds and trustfunds! &here are three federal fund t5pesJGeneral Fund, special funds, and revolvingfunds! &he General Fund is similar in intent to the General Fund of state and localgovernments! #t receives all revenue and other receipts not earmared ?or identified@ fora specific purpose! General appropriations are made from the General Fund! (pecialfunds are established for a specific non-business-t5pe purpose! &hese funds are mostsimilar to a special revenue fund used b5 state and local governments! Revolving fundsare established for business-t5pe activities maing them similar to the proprietar5 fundsof state and local governments!

&he second fund group is trust funds! &here are t6o t5pes of trust fundsJtrust funds anddeposit funds! &rust funds are established 6hen a la6 or statute indicates that funds mustbe used for a specific purpose! Freuentl5, the purpose benefits those eternal to thefederal government, similar to trust funds of state and local governments! 'o6ever, thisis not al6a5s the case! #n some instances the trust funds of the federal governmentactuall5 benefit the government, maing the funds similar to special revenue funds at thestate and local government level! &he second t5pe of trust fund is a deposit fund!eposit funds hold receipts on behalf of others, maing them similar to agenc5 funds atthe state and local government level!

17!:! (te6ardship assets are of t6o t5pesJheritage assets and ste6ardship land! 'eritageassets have historical or natural significanceI cultural, artistic, or educational significanceIor are architecturall5 significant! (te6ardship land is land that is not used b5 the federalgovernment for operating purposes!

General propert5, plant and euipment ?""E$@ of the federal government is used foroperating purposes and as such is accounted for in the same manner as ""E$ of state andlocal governments, not-for-profit entities, and for-profit entities! &he costs of the assetsare capitaliBed and if the asset is depreciable, depreciation epense is recordedperiodicall5! (te6ardship assets, ho6ever, are not recorded! Rather the5 are noted on thefinancial statements 6ith disclosures in the notes to the financial statements! &he notedisclosure should provide information on maDor categories of heritage assets, multi-use

heritage assets, and ste6ardship land! Additionall5, changes in ste6ardship assets shouldbe provided, including ph5sical units added and 6ithdra6n during the 5earI methods ofacuisition and 6ithdra6alI and condition information

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Ch! 17, Ans6ers ?Contd@

17!;! &he budgetar5 accounts reuired b5 the .!(! Government (tandard General edger are

!t"e# App#op#iations Rea$i%edJthe account that represents the agenc5s available

resources for the 5ear! &his account normall5 has a debit balance!

)udgetar5 accounts that eplain 6here funds are in the spending c5cleJ

'nappo#tioned At"o#it* Appo#tionments* A$$otments* Commitments* 'nde$ive#ed

!#de#s, andE+pended At"o#it! &hese budgetar5 accounts normall5 have a creditbalance and 6hen summed 6ill add to the !t"e# App#op#iations Rea$i%ed.

&he use of the Commitmentsaccount is optional, though highl5 recommended!

)udget authorit5 flo6s do6n through the accounts in the seuence given in #llustration17-11! &his seuence is the same as the order provided in the second bullet point thatlists the accounts eplaining 6here funds are in the spending c5cle .

17!10! A "AR is the consolidated performance and accountabilit5 report prepared annuall5 b5most federal agencies! #t contains several components including

An agenc5 head messageJanalogous to a transmittal letter!

A managements discussion and anal5sis!

"erformance reportJprovides information on the agenc5s success in achieving the

goals in its strategic plan and performance budget!

Financial statementsJthere are seven reports, t6o ?statement of social insurance and

statement of net changes in social insurance amounts@ of 6hich are onl5 prepared b5 alimited number of agencies! &he other five statements are the balance sheet,statement of net costs, statement of changes in net position, statement of budgetar5

resources, and statement of custodial activit5! %ther accompan5ing informationJincludes summar5 statements and information

from the #nspector General concerning an5 serious management and performancechallenges!

(olutions to Cases

17-1! &he information provided in the solution is based on *A(As 2010 financial statements!*umbers presented are in millions of dollars!

a. &he portion of *A(As assets that is represented b5 ""E$ is 82!9 percent

?3;,98H31:,2:@! As 5ou can see, and 6ould be epected, a considerable portion of*A(As assets are ""E$! &6o maDor depreciable assets reported are the #nternational(pace (tation and the (pace (huttle!

*A(A operated 6ith a negative change in net assets in both 2010 ?-32,0:0@ and 200;?-3,281@! Although the total change 6as not as negative in 2010 as in 200;, theagenc5s net position dropped from 31;,89 in 200; to 314,018 in 2010, a decline of2:! percent!

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Ch! 17, (olutions, Case 17-1 ?Contd@

b! *A(As audit 6as conducted b5 $rnst E Koung! Given the large number of agenciesand organiBations of the federal government that reuire audits, it is common for thegovernment to contract 6ith public accounting firms for audits of federal agencies!(ince *A(A is a federal entit5, generall5 accepted government audit standards issuedb5 the Comptroller General, Government Accountabilit5 %ffice are used to conductaudits of *A(A!

c. $rnst E Koung identified ineffective internal controls related to the accounting forpropert5, plant and euipment ?""E$@ and operating materials and supplies in 200;!Given the large investment in ""E$, ineffective internal controls 6ould have asignificant impact on the ualit5 of the financial information presented! Although*A(A has corrected man5 problems, the effect has carried into 2010! ue to the200; inadeuacies in internal controls the auditor 6as not able to obtain sufficientcompetent evidential support for amounts on the 2010 statement of net costs andchanges in net position! #n particular, several beginning balances could not be reliedupon due to the problems identified in 200;! &hus, the negative changes in net assetsidentified in part a ma5 actuall5 be larger or smaller than reported!

)ased on the 2010 audit, there should not be ongoing problems 6ith the *A(A audit!$rnst E Koung implies that *A(A has addressed the internal control problems andthe onl5 reason the 2010 audit 6as ualified 6as due to lac of reliance on beginningbalance amounts! &his assumes no ne6 problems develop or are identified duringsubseuent audits!

17-2! &he information provided in the solution is current as of =ul5 1, 2011!

a. According to the FA(A) Leb site the mission of the FA(A) is to developaccounting standards after considering the financial and budgetar5 information needsof congressional oversight groups, eecutive agencies, and the needs of other users offederal financial information!

b. &here are nine members of the FA(A)! &hree of the members represent the FA(A)sponsors ?principals@, coming from the Government Accountabilit5 %ffice ?GA%@,epartment of &reasur5, and %ffice of /anagement and )udget ?%/)@! $achsponsor selects its o6n representative! &he other si members are to be nonfederalindividuals from the general financial communit5, accounting and auditingcommunit5, or academia! *onfederal members are appointed b5 the sponsors! &he

chair of the FA(A) is a nonfederal member appointed b5 the sponsors!

c. &he FA(A) is funded b5 the three sponsors!

d. Given the funding source and the method of selecting members, it could be arguedthat the FA(A) is not independent in appearance! &he sponsors are affected b5 thedecisions of the FA(A) and as members of the FA(A), the sponsors are in a positionto influence the standards issued! &o pass a standard t6o-thirds of the board

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Ch! 17, (olutions, Case 17-2 ?Contd@

members must approve! &echnicall5, the composition of the board maes it possiblefor the nonfederal members to override the decisions of the sponsorsI ho6ever, allnonfederal members 6ould need to be in agreement! Finall5, t6o of the sponsors?principals@, the Comptroller General and the irector of the %ffice on /anagementand )udget, have veto po6er over an5 FA(A) statement if the5 act 6ithin the ;0 da5revie6 period for final statements!

e. &he ans6er to this assignment 6ill change, given that the proDect agenda is on-going!At the time the tetboo 6ent to print active proDects included

A#C"A %mnibusJeamines adopting guidance for accounting and financial

reporting issues that 6ere previousl5 onl5 in the professional auditing literature!

Application of the iabilit5 efinitionJreconsiders accounting and reporting for

long-term commitments of the federal government that could potentiall5 result in

a net outflo6 of resources! FA() Reporting b5 Federal $ntitiesJreconsiders reporting b5 federal entities

that primaril5 appl5 accounting standards issued b5 the FA()!

/easurement Attributes Concepts (tatementJeamines providing guidance on

the selection of measurement attributes in future federal financial reportingstandards!

Financial Report Concepts (tatementJrevisits the reporting model described in

SFFAC No. 2, $ntit5 and ispla5

Federal $ntit5 Concepts (tatementJeamines defining the boundaries of the .!(!

Government reporting entit5 and the component reporting entities!

eferred /aintenance E Asset #mpairmentJdevelops guidance for reporting

information about deferred maintenance and asset impairment!

$armared FundsJevaluates eisting standards, identif5ing areas 6here actual

results from the standard on earmared funds do not match the boardsepectations!

*atural ResourcesJdevelops reporting reuirements to enhance accountabilit5

for and ste6ardship over federal natural resources!

(te6ardship #nvestmentsJdetermines the appropriate categoriBation of the final

ste6ardship categor5!

,. &he FA(A) standards are not proprietar5! An5one can access the standards at the

FA(A) Leb site 666!fasab!gov! &his is unlie the FA() Codi,ication, 6hich isaccessed through subscription, or the GA() Codi,ication6hich can be purchased inhardcop5 or electronic form!

17!! &he FK 2010 report for the .! (! government is available at666!fms!treas!govHfrHinde!html! &he 2011 report should be available in ecember of2011! &he ans6ers to these uestions are based on the FK 2010 ?i!e!, %ctober 1, 200; M(eptember 0, 2010@ report!

17-:
http://www.fasab.gov/http://www.fms.treas.gov/fr/index.htmlhttp://www.fms.treas.gov/fr/index.htmlhttp://www.fasab.gov/http://www.fms.treas.gov/fr/index.html


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Ch! 17, (olutions, Case 17- ?Contd@

a. &he Comptroller General of the GA% 6as not able to render an opinionI therefore, hereported a disclaimer of opinion because he 6as unable to determine the reliabilit5 ofsignificant portions of the consolidated financial statements due to

certain material 6eanesses in internal control over financial reporting and otherlimitations on the scope of our 6orN ?pg! 2:@

b. &hree maDor deficiencies 6ere identified in the audit report! &he5 6ere ?1@ seriousfinancial management problems at the epartment of efense ?%@ that haveprevented %s financial statements from being auditable, ?2@ the federalgovernments inabilit5 to adeuatel5 account for and reconcile intragovernmentalactivit5 and balances bet6een federal agencies, and ?@ the federal governmentsineffective process for preparing the consolidated financial statements ?pg! 2;@!

&he audit report identifies five material 6eanesses! &he5 indicate that the federal

government 6as unable to

(atisfactoril5 determine that propert5, plant, and euipment and inventories and

related propert5, primaril5 held b5 %, 6ere properl5 reported! Reasonabl5 estimate or adeuatel5 support amounts reported for certain liabilities!

(upport significant portions of the reported total net cost of operations, most

notabl5 related to %, and adeuatel5 reconcile disbursement activit5 at certainfederal entities!

Adeuatel5 account for and reconcile intragovernmental activit5 and balances

bet6een federal entities! $nsure that the federal governments accrual-based consolidated financial

statements 6ere ?1@ consistent 6ith the underl5ing audited entities financialstatements, ?2@ properl5 balanced, and ?@ in conformit5 6ith GAA"!

#dentif5 and either resolve or eplain material differences bet6een ?1@ certain

components of the budget deficit reported in &reasur5s records that are used toprepare the Reconciliation of *et %perating Cost and the .nified )udget eficit,the (tatement of Changes in Cash )alance from .nified )udget and %therActivities, and the Fiscal "roDections for the .!(! Government, and ?2@ relatedamounts reported in federal entities financial statements and underl5ing financialinformation and records! ?pg! 228@

c. &6ent5 federal agencies out of 24 reuired to report under the CF% Act received

unualified opinions in FK 2010, as did eight of 11 additional significant reportingagencies! &he list of agencies is included in the annual financial report of the .!(!government! &he managements discussion and anal5sis reports on this topic in asection titled Financial (tatement Audit Results!

d. *o! &he Comptroller General disclaimed an opinion on the statement of socialinsurance, unlie 2007, 200:, and 200; 6hen the statement received a clean auditopinion! &he reason the statement did not receive a clean opinion 6as primaril5

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Ch! 17, (olutions, Case 17- ?Contd@

due to uncertainties related to the achievement of cost reduction gro6th in /edicare!A revie6 of the statement of social insurance 6ill sho6 that proDected ependitureseceed epected revenue for all programs! 'o6ever, for /edicare ?parts A and )@there is a large reversal in the trend of increasingl5 large deficits! #n 200; thecombined parts A and ) deficit 6as estimated at 30,;8 billion! For 2010 thestatement indicates a combined deficit of 320,420 billion! &his represents a significantepected cost savings, the uncertaint5 of 6hich contributes to the ComptrollerGenerals concerns!

No%e %o I*"%ruc%or &he annual report of the .!(! government is certainl5provocative and liel5 to result in a spirited discussion among students! Le suggest5ou focus on the tremendous accounting challenges in auditing the largestorganiBation in the 6orld, and stress the positive aspects of ho6 far federal agencieshave come in the fe6 5ears since audit reuirements 6ere enacted!

(olutions to $ercises and "roblems

17-1! 1! b. 9! b!2! a. 7! a!! c! :! d!4! d! ;! b.8! a. 10! c!

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Ch! 17, (olutions ?Contd@

17!"

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Note*&ne@pended Appropriation, 0!133333B C E@pended Authority 04533333B D06633333 original appropriationB

17-11


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Ch! 17, (olutions, 17- ?Contd@

b" )E+ERA/ AGEN#-.A/AN#E S>EE'

AS $) SE%'EM.ER 23 !314

ASSETS

(N'RAG$ERNMEN'A/*

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LIABILITIES

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17/24


Ch! 17, (olutions, 17-9 ?Contd@

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re,erve, on Hhich to draH to help addre,, the interperiod euity ,ituation"'he financial ,tatement, of the federal government reflect the financialconcern, e@pre,,ed by #ongre,, the %re,ident and citien,"

accounting for governmental & nonprofit 16e solution manual chapter 17

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