Český finanční a účetní časopis 2008(4):29-36 | DOI: 10.18267/j.cfuc.287

Regulation and Implementation of Accounting Standards in the Public and Non-profit Sector in USA

Jana Ištvánfyová1, Ladislav Mejzlík2
1 Dr. Ing. Jana Ištvánfyová - odborná asistentka; Katedra finančního účetnictví a auditingu, Fakulta financí a účetnictví, Vysoká škola ekonomická v Praze, nám. W. Churchilla 4, 130 67 Praha 3, Česká republika; <istvanfy@vse.cz>.
2 Doc. Ing. Ladislav Mejzlík, Ph.D. - docent, vedoucí katedry; Katedra finančního účetnictví a auditingu, Fakulta financí a účetnictví, Vysoká škola ekonomická v Praze, nám. W. Churchilla 4, 130 67 Praha 3, Česká republika; <lmejzlik@vse.cz>.

As governmental accounting standards have developed, the complexities of preparing financial statements for governmental entities have greatly increased. Providing meaningful financial information to a wide range of users is not an easy task. Adding to these challenges, the Governmental Accounting Standards Board (GASB) recently introduced sweeping changes to the governmental financial reporting model. Currently, governmental accounting standards are established by the GASB. The first of several collections of municipal accounting standards issued by the National Council on Governmental Accounting (NCGA) in 1934 became known as the "blue book". The GASB has completed its new model for financial reporting by governments that results in a radically different look to governmental financial statements from those of the past. The need for separate financial reporting standards for governments depends on the identities of the groups of users of the financial statements of state and local governments, the objectives of these readers and users, and the overall objectives of governmental financial reporting. Financial reporting should help users assess whether current-year revenues are sufficient to pay for the services provided that year and whether future taxpayers will be required to assume burdens for services previously provided.

Keywords: Governmental accounting standards, governmental financial statements, governmental entities, GASB, financial reporting by governments.
JEL classification: H83, M48

Published: December 1, 2008  Show citation

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Ištvánfyová, J., & Mejzlík, L. (2008). Regulation and Implementation of Accounting Standards in the Public and Non-profit Sector in USA. Czech Financial and Accounting Journal, 2008(4), 29-36. doi: 10.18267/j.cfuc.287
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    References

    1. FASB (2008): Financial Accounting Standards Board. [on-line], Norwalk, Financial Accounting Standards Board, c2008, [cit. 20th September, 2008], <http://www.fasb.org>.
    2. GASB (2008): Governmental Accounting Standards Board. [on-line], Norwalk, Governmental Accounting Standards Board, c2008, [cit. 20th September, 2008], <http://www.gasb.org>.
    3. IFAC (2005): Mezinárodní účetní standardy pro veřejný sektor. Praha, Nejvyšší kontrolní úřad, 2005.
    4. Ruppel, W. (2007): Wiley GAAP for Governments 2007: Interpretation and Application of Generally Accepted Accounting Principles for State and Local Governments. New York, Wiley, 2007.

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