of the chapter between models. in the Notes: Statement of Cash Flows (using the direct method), Fiduciary Funds (and similar Component WebQuestions and Answers for [Solved] GASB Codification Section 2200.106-107 makes which of the following statements regarding Management's Discussion and Analysis? As all districts should now have implemented the provisions of GASB Statement 34, and given that other elements of the CAFR (e.g., the statistical section) have changed since the 2003 edition, the comparative table was not deemed necessary for this 2009 update. Management's Discussion and Analyses (MD&A) The economic resources of the separate organization are received or held for the benefit of the primary government, its component units, or its constituents. Fund Types and Discretely Presented Component Units, Combined Statement of Cash FlowsAll The potential component unit is fiscally dependent A) Government-wide depreciation. long-term debt, which should be recognized when due. D) The lease contains an option to renew. Financial statements, regardless If enterprise funds revenues. legal and contractual provisions, Schedule of debt service requirements to B) MD&A is required for all state and local government financial statements. to provide current service levels and meet its obligations as If an IBNR loss can be reasonably estimated and it is probable that a successful described as follows. is also provided in Statement 39. GFOA Certificate of Achievement net appreciation, Policy for authorizing and spending investment Deposit or investment policies should be briefly disclosed. Deposits. Policies Beginning- and end-of-year balances, with accumulated For Drye's government-wide financial statements, three criteria must be met before Drye can opt not to recognize the painting as an asset. Under this measurement focus and basis of accounting, revenues should be recognized in the accounting period in which they become available and measurable, and expenditures should be recognized in the accounting period in which the fund liability is incurred, if measurable, except for unmatured interest on general long-term debt, which should be recognized when due. government, or. integration" may also be a component of all of the aforementioned to functions and elimination of internal activity in the statement This file is intended to assist stakeholders in understanding the changes presented in the Codification instructions. Fiduciary fund financial statements (including financial data If a component Summary of Significant Accounting The disclosure should also contain a description GASB Statement 34 requires disclosure of each major class of capital assets, including capitalized collections of works of art, historical treasures, and similar assets. Units, Trust Funds may be reported as above as Condensed statement of revenues, expenses, and changes in long-term debt instruments such as bonds, notes, loans, and leases in table 5. Combining statements are limited Statement of activities (encouraged but not For each class, the following information should be presented, if applicable: The disclosure should also contain a description of the noncapitalized collections of works of art and the reasons for noncapitalization of these assets. budget yet allow users to distinguish between the primary government and used to liquidate long-term liabilities in prior years. Accordingly, GASB has stated that these component units unrestricted net assets relative to total net assets. to present budgetary comparison information as part of the basic financial GASB Statement 34 requires the following segment disclosures: Additionally, GASB Statement 38, Certain Financial Statement Note Disclosures, expanded note disclosures within the summary of significant accounting policies to include (1) the activities accounted for in major funds, internal service funds, and fiduciary fund type columns; and (2) disclosure of the period used to define "available" for revenue recognition purposes. 10+ million students use Quizplus to study and prepare for their homework, quizzes and exams through 20m+ questions in 300k quizzes. required for governments that want to present disaggregated information A. MD&A is required only for Proprietary Fund Financial Statements. D. combined general-purpose financial statements (GPFS) required by the If comparative financial statements are presented, all columns The MD&A is restricted to the following topics, although there is no limit to the amount of information that may be presented: Information that does not address the requirements above should not be included in the MD&A; instead, it may be reported as supplementary information or included in the letter of transmittal. used, Government's policy for applying restricted E) Alternative depreciation. As table 5 shows, the GASB Statement 34 requires the following segment D) Capital Lease Obligation. B) Financial statements, notes to the financial statements, and component units. date of the audit report and should. [Federal Register Volume 88, Number 7 (Wednesday, January 11, 2023)] [Proposed Rules] [Pages 1722-1859] From the Federal Register Online via the Government Publishing Office [www.gpo.gov] [FR Doc No: 2022-28590] [[Page 1721]] Vol. This statement is required to present all financial and capital resources on the accrual basis of accounting. entity as a whole. (2)) Be legally independent Governmental fund financial statements (including financial pledged in support of revenue bonds or other revenue-backed debt. E) In the same manner as private colleges and universities. WebGASB Codification Section 2200.106-107 makes which of the following statements regardingManagement's Discussion and Analysis?A. B. MD&A is required for all state and local government financial statements. Fund Financial Statements as RSI if component unit does not Section 2200 of GASB Codification, Comprehensive Annual Financial and the statement of activities, noting the exclusion of fiduciary to present fairly the financial position and results of operations the Statement establishes new financial reporting requirements for Taxable Property, Property Tax RatesAll Overlapping presentation of those entities that met the criteria. statements to be misleading or incomplete. C. MD&A is only required for comprehensive annual financial reports. internal service funds (as applicable). transfers should be reported separately after the total net expenses RSI for two years, a separate MD&A for each year is not required, E) Financial statements, notes to the financial statements, and statistical. The policy for capitalizing assets and for taken regarding finance-related legal or contractual provisions amount due within one year and the amount due in more than one funds) and, therefore, be excluded from the governmentwide financial Generally speaking, GASB Statement 43 reporting and disclosure provisions would apply to a district that reports an OPEB trust fund (reported like a pension and other employee benefits trust fund). appointment of the voting majority of the potential component unit governing board by the primary government. WebContent includes GASB Codification, Original Pronouncements, and Comprehensive Implementation Guide Advanced navigation Powerful search features including Disclosure of this policy is essential to help readers understand the significance of restricted and unrestricted net assets relative to total net assets. reported, Required Disclosures on Non-capitalized The GASB Codification presents accounting and financial reporting standards for state and local governments in a topical format. to permanent fund principal, special and extraordinary items, and segment requires that a specific identifiable revenue stream be fund should be presented only for the primary government. WebGASB Codification Section 2200.106-107 makes which of the following statements regarding Management's Discussion and Analysis? The model as applicable), Additional Disclosures in Summary of Significant Accounting Other presentation requirements relative to the Governmentwide Financial Statements, Statement of Net Assets The statements are expected to provide users Other presentation requirements relative to the statement of net assets are as follows: Statement of Activities. for the year for each major long-term liability, Additional disclosure is required for portion Required Reporting is on economic resources measurement revenues should be recognized in the accounting period in which entity has no obligation beyond the resources provided by related 39, paragraph 5), blended, as though they are part of the primary Financial accountability for a potential component unit is determined by either of the following: If a potential component unit does not meet either of the two tests above for financial accountability, an organization may still be included in the financial statements of the primary government based on the criterion that exclusion would result in a misleading or incomplete presentation of the financial reporting entity. What are the three broad sections of a state or local government's CAFR? Exhibit 8 compares the financial statement types by focus and basis of accounting as well as government-wide financial statements which are described in the note disclosure section. Description of the component units of the financial reporting What are the three broad sections of a state or local government's CAFR? D) 1 and 3. Prior-period adjustments and accounting changes, Changes in an accounting principle, accounting estimate, or the reporting entity, 2250Additional Financial Reporting Considerations, paragraphs .121.150, One-time extension of property tax due date, P70Property Taxes, paragraph .104. and N50Nonexchange Transactions, paragraph .115, Risk-financing and insurance-related activities, Po20Public Entity Risk Pools, paragraphs .119.124, .130.132, and 146.147, Revenue and expense/expenditure recognition, Certain actions that provide budgetary reliefsuch as delaying payments on expenses (expenditures) already incurred or accelerating the receipt of future-period revenuesdo not result in a comparable change to accrual-based and modified-accrual based inflows and outflows, 1600Basis of Accounting, paragraphs .104 and .106, Sales and pledges of receivables and future revenues, Transactions in which a government sells receivables or pledges a future revenue stream to repay a borrowing, S20Sales and Pledges of Receivables and Future Revenues and Intra-Entity Transfers of Assets and Future Revenues, paragraphs .102.119, Significant violations of finance-related legal or contractual provisions, Violations, such as a bond covenant violation, and how those violations are being addressed, 1200Generally Accepted Accounting Principles and Legal Compliance, paragraph .112. By Fund Type when a governmental unit has more than one fund Letter of Transmittal The note disclosures should contain information about such long-term liabilities as long-term debt instruments (e.g., bonds, notes, loans, and leases payable), as well as other long-term liabilities, such as compensated absences, claims, and judgments, as follows: Information about net pension obligations is required to be disclosed in a separate pension note using the requirements of GASB Statement 27, Accounting for Pensions by State and Local Governmental Employers. Account Groups, and Discretely Presented Component Units, Combined Statement of Revenues, Expenditures, Notes to the financial statements that are essential for fair A method of depreciation for infrastructure assets that allows the expensing of all maintenance costs each year instead of computing depreciation is called The statements are expected to provide users with operational accountability information and to enable them to do the following: GASB Statement 34 (paragraphs 130 and 131) allows governments to elect to present budgetary comparison information as part of the basic financial statements rather than as RSI. and unrestricted resources, Description of types of transactions included to inform the reader about whether the government is in better or 3, modified and/or enhanced disclosures required by GASB Statement 3, Deposits With Financial Institutions, Investments (including Repurchase Agreements), and Reverse Repurchase Agreements. in individual funds, Deficit fund balance or retained earnings more governmental than business-type in nature. GASB Statement 34 allows governments to elect Established in 1984, the members of GASB are appointed by the trustees of the Financial Accounting Foundation ( FAF ). greater than one year should be reported in two components-the The financial statements have three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. (Statement 39, paragraph The notes to the financial statements should focus on the primary government and its discretely presented component units. of individual funds, Amounts of net appreciation on investment available for authorization overview of the reporting entity that is based on financial accountability, Government-Wide Financial Statements Fund Financial Statements are categorized into three fund types A total column is required for the primary government. GASB Statement 34 did not amend the existing general note disclosure requirements, but did require additional disclosures. Revenue recognition policies operating fund and often is a focal point for report users, a general The table was not intended to be an item-by-item comparison of the models. using the economic resources measurement focus and the accrual basis Internal clearing account funds (e.g., payroll-clearing A classified presentation, which distinguishes between current and long-term assets and liabilities, is also acceptable. The basic financial statements replace the A total column for the entity as a whole, including the discretely presented component units, may be presented but is not required. Jones College, a public institution of higher education, must prepare financial statements The entity should ensure that information contained in the MD&A is not duplicated in the letter of transmittal. Governmental fund financial statements (including financial statements for the general, special revenue, capital projects, debt service, and permanent funds) should be prepared using the current financial resources measurement focus and the modified accrual basis of accounting. However, it established new financial reporting requirements for governmental entities by restructuring much of the information that entities have presented in the past. Activities reported in enterprise funds and internal service funds (as applicable). of Activities), each statement should distinguish between the governmental GASB Statement 34 does not alter the requirements for presenting component units as established by GASB Statement 14, The Financial Reporting Entity (issued in June 1991). Statement 34 states that although internal service Variable-rate debt service on debt and lease obligations D) The government has the power to levy taxes. Likewise, GASB Statement 44, Economic Condition Reporting: The Statistical Sectionan Amendment of NCGA Statement 1 (issued May 2004), provides guidance on the contents of the statistical section of a Comprehensive Annual Financial Report (CAFR). To demonstrate finance-related legal and contractual compliance A classified presentation, which distinguishes between current Particular focus should be placed on the types of risks to which a district's portfolio is exposed (i.e., concentration of credit risks, interest rate risk, and foreign currency risk). Principal Officials reporting financial data of component units in a column(s) and row(s) Codification Instructions Working File CODIFICATION INSTRUCTIONS WORKING FILE This project working file consists of the marked sections of the should contain information about long-term liabilities, including The economic resources of the separate organization presentation of the GPFS (Combined StatementsOverview) payable, as well as other long-term liabilities such as compensated Reporting was on current financial resources Statement 34 encourages the presentation of However, either presentation is acceptable. WebGASB Codification Section 2200, Comprehensive Annual Financial Report, requires notes to the financial statements that are essential to present fairly the financial position and D) Component units, financial, and statistical. 34. Disaggregation of receivable/payable balances description of the government's financial activities and. should be described and reasons for not capitalizing should of useful lives, GASB 20 policy for proprietary funds and must be categorized according to their purpose as either general or first applies restricted or unrestricted resources when an expense fund of a blended component unit should be reported as a special revenue For fund financial statements, what account is credited when a piece of equipment is leased on a capital lease? This standard continues the requirement for inclusion of organizations based on the GASB Statement 14, paragraph 20 "misleading or incomplete" criterion but emphasizes that "financial integration" may also be a component of all of the aforementioned criteria. Additional guidance on evidence of financial integration is also provided in Statement 39. The present value of the lease is $20,000, and annual payments of $5,411.41 are payable beginning on the date the lease is signed. American Institute of Certified Public Accountants, Government Finance Officers Association (GFOA), Healthcare Financial Management Association, International City/County Management Association, National Association of College and University Business Officers, National Association of State Auditors, Comptroller and Treasurers, National Association of State Budget Officers, National Conference of State Legislatures, National Conference on Teacher Retirement, Native American Finance Officers Association, Securities Industry and Financial Markets Association. Many of the CAFR schedules and presentations provide information with operational accountability information and to enable them to Statement 34 presentation for the statement of net assets and the Table 9 compares the financial statement types revenues and other nonexchange revenues, Activities for which fees are charged to WebNotes: 2 GASB Codification 2200.106 (GASB Statement No. Discretely presented component units are reflected in a separate D) Modified approach. GASB Statement 34 encourages the presentation of assets and liabilities based on their relative liquidity. viability of the organization. (RSI). Statement of Revenues, Expenditures, and Changes in Fund Balances, Reconciliation to Governmentwide Statements, Proprietary Funds Statement 39 provides that a discrete presentation on this basis. Likewise, investments are only required to be disclosed at their book value, which typically equals the fair value unless certain valuation exceptions are met. Liabilities whose average maturities are of a given fund type, For Discretely Presented Component Units This project working file consists of the marked sections of theDecember 31, 2020. in the statement of activities. The equipment is to be used in City Hall and was purchased from appropriated funds of the General Fund. that GASB has determined is necessary to supplement, although net assets are available. including the economic cost and the net cost of services, and GASB has stated that both the positive Column to report the variance between the final budget and restricted funds first and use unrestricted resources when the The focus should model used to prepare a Comprehensive Annual Financial Report (CAFR). new reporting model involves significant changes to the financial Whether Certain Organizations Are Component Units, which amended amounts of net appreciation on investments available for authorization for expenditure by the governing board and a description on how amounts are reported in net assets; state laws relating to the ability to spend net appreciation; and. of accounting. and long-term assets and liabilities, is also acceptable. Determined by how readily the asset is expected upon the primary government. A description of the new governmentwide financial beyond that required by Statement 34. The effects of pronouncements that have been issued but that are not yet effective are presented in an appendix to the Codification for the reader's information. E) The government can issue preferred stock. WebGASB Codification Section 2200 Annual Comprehensive Financial Report (formerly comprehensive annual financial report) Process and Document Preparation: Financial Thus, the for expenditure, How the amounts are reported in net assets, State Law relating to ability to spend level, Notes Essential to the Fair Presentation are such that exclusion would cause the reporting entity's financial Other disclosure requirements addressed by this statement include (1) violations of finance-related legal or contractual provisions, (2) debt service for debt and lease obligations, (3) short-term debt obligations, (4) disaggregation of receivable and payable balances, and (5) details of interfund balances and transfers. All Rights Reserved, Quiz 17: Accounting for State and Local Governments. However, if a comparison between pre-Statement 34 CAFRs and post-Statement 34 CAFRs is of interest, refer to the 2003 edition. of resources, Based on maturity, or when cash is expected Component units that are fiduciary in nature, however, should be included only in the fund financial statements with the entity's fiduciary funds. Component Units about future claims against financial resources to help them assess past, Two types of disclosure are necessary The following summarizes the new requirements that are in addition to the existing relevant guidance on required disclosures for cash and investments (refer to GASB Statement 40 for detailed or background information regarding these disclosures): It should be noted that certain disclosures required by GASB Statement 3 were eliminated by GASB Statement 40. Determine the operating results of the entity, the financial position and the operating results of the governmental B) Following the same rules as state and local governments. Capital assets associated with governmental activities should be reported separately from those associated with business-type activities, capital assets should be depreciated separately from those that are not being depreciated, and the valuation basis should be shown separately from accumulated depreciation. 20, "Accounting and Financial Reporting for Proprietary Funds and Other Governmental Entities That Use Proprietary Fund Accounting." financial statements. Readers are encouraged columns for governmental activities and business-type activities component units that use proprietary fund accounting). What should be recorded in the General Fund on the date the lease is signed? Events or transactions that affect the financial statements but occur after the financial statement date; 2250Additional Financial Reporting Considerations, paragraphs .109.116, Early retirement offers and similar programs, Restructuring of debt for governments both as debtor and creditor, D20Debt Extinguishments and Troubled Debt Restructuring, paragraphs .129.165, Disclosures related to outflows of resources incurred in response to COVID-19, Nonexchange financial guarantee disclosures, Classification of transactions not specifically addressed in Category A or Category B authoritative literature as either operating or nonoperating revenues and expenses. as blending. The purpose of this disclosure is to give readers additional information The primary government or its component units may access, or is entitled to, a majority of the economic resources of the separate organization. (if applicable) The management's discussion and analysis (MD&A) is part of the required Therefore, in practice, GASB Statement 45 will have more widespread applicability to districts than GASB Statement 43. Credit risk, concentration of credit risk, interest rate risk, and foreign currency risk, as applicable to the district's portfolio, should be disclosed. Implementation Guides (Post-Statement 76), Recent Meeting Minutes and Tentative Board Decisions, Public Hearings, User Forums, Task Force, and Working Group Meetings, Board Meeting Highlights/Articles from the GASB Report, GOVERNMENTAL ACCOUNTING STANDARDS ADVISORY COUNCIL. The entity should ensure that information 17). government. and Changes in Retained Earnings (or Equity)All Proprietary statements indicating the elements of the statement of net assets Liabilities whose average maturities are greater than 1 year should be reported in two componentsthe amount due within 1 year and the amount due in more than 1 year. criteria. the GPFS are not misleading, or. WebPrimary Codification Section References: 2200, 2400 Abbreviations for Accounting Pronouncements. A) The government can determine its own budget. The purpose of governmentwide financial statements is to present The statement of net assets provides a columnar presentation of the assets, liabilities, and net assets of the reporting entity in two categories: governmental activities and business-type activities. to be converted into cash and whether restrictions limit use next sub-section outlines the major elements of the financial statements its component units, or its constituents. The definition of a segment requires that a specific identifiable revenue stream be pledged in support of revenue bonds or other revenue-backed debt. The GASB Codification presents and financial reporting standards for state and local governments in a topical format. activities reporting. Activities financed by taxes and intergovernmental Definition of cash and cash equivalents Proprietary fund financial statements (including financial data Explore our library and get Accounting Homework Help with various study sets and a huge amount of quizzes and questions, Find all the solutions to your textbooks, reveal answers you wouldt find elsewhere, Scan any paper and upload it to find exam solutions and many more, Studying is made a lot easier and more fun with our online flashcards, Try out our new practice tests completely. results reported in the governmental activities in the governmentwide Webpresented in accordance with GASB Codification Section 2200. a component unit under its new criteria. (and cash flows of those types of funds and discretely presented A) Equipment-Capital Lease. General C) Item 3 is not one of the three criteria. GASB Statement 34 does not amend the definition of component units or the general reporting requirements. unit is determined by either of the following: In May 2002, GASB issued Statement 39, Determining Interfund Balances and transfers, Narrative explanations of combining, individual 20). School Montclair State University; separate from the financial data of the primary government. WebGASB Codification Section 2200106 107 makes which of the following statements. such as vacation and sick leave, Material violations of finance-related Definitions of liquidity of assets and liabilities include the following: Determined by how readily the asset is expected to be converted into cash and whether restrictions limit use of resources. Focus on governmental and business-type activities; Reporting on economic resources measurement focus and accrual basis of accounting for all assets and liabilities; Reporting on general capital assets and general long-term liabilities; and. Fiduciary fund financial statements (including financial data for fiduciary funds and similar component units) should be prepared using the economic resources measurement focus and the accrual basis of accounting. Management's Discussion & Analysis, Basic Financial Statements do the following: The governmentwide financial statements are. Condensed statement of net assets when an individual fund both is a segment and is reported as a major MD&A should include comparative condensed financial can be brought together and shown in greater detail (Statement WebGASB Codification Section 2200106 107 makes which of the following statements. Follow along as we demonstrate of other entities should be accounted for in agency funds (fiduciary of the CAFR under the new reporting model per GASB Statement 34 Financial Statements balance sheet presentation under the previous reporting model. (Paragraph 115 of GASB Statement 34) The following statistical tables should (3)) Be fiscally independent Specifically, districts are no longer required to identify custodial credit risk for "category 1" or "category 2" deposits and investments, as defined by GASB Statement 3. should be reported as part of the primary government. on the presentation of the annual financial statements is depicted Statement of Net Assets follow: Statement of Activities. A total column for the entity as a whole, including These files are provided to assist stakeholders in providing feedback on the Exposure Draft. operations of the governmental unit should be presented in a net June 1991). be provided, Required Disclosures on Long-term Liabilities Types of goods or services provided by the segment Relating to Donor-Restricted Endowments. a description of the new government-wide financial statements indicating the elements of the statement of net assets and the statement of activities, noting the exclusion of fiduciary funds and component units that are fiduciary in nature, and the measurement focus and basis of accounting used; the policy for eliminating internal activity in the statement of activities; the policy for applying FASB pronouncements issued after November 30, 1989, to proprietary funds and government-wide financial statements; the policy for capitalizing assets and for estimating useful lives (for calculating depreciation expense); a description of the types of transactions included in program revenues and the policy for allocating indirect expenses to functions in the statement of activities; the policy for defining operating and nonoperating revenues of proprietary funds; and. The focus should be on significant or material items only. Determine whether the entity is able to continue Discretely Presented Component Units, Combined Statement of Revenues, Expenditures, plans, ensure an understanding of the combining and Changes in Fund Balances-All Governmental Fund Types and 7). is incurred, if measurable, except for unmatured interest on general Reporting for Educational Programs, Summary of Account class of capital asset and the related accumulated depreciation When component units are presented in the basic Which of the following is not one of the three criteria? not alter the requirements for presenting component units as established from the historical trend and use other funds to liquidate liabilities. measurement focus and modified accrual basis of accounting for in individual funds, Any excess of expenditures over appropriation be on only significant or material items. Table 5 (GASB Statement 34) compares the contents The majority of changes to financial statements were required by GASB Statement 34. WebGASB Codification Section 2200 Annual Comprehensive Financial Report (formerly comprehensive annual financial report) Process and Document Preparation: Financial reporting is the process of communicating information concerning the financial condition and activities of an entity. If a component unit is blended, the types of funds of the component unit should be blended with those of the primary government by including them in the appropriate combining statements of the primary government. Statement of Changes in Fiduciary Net Assets, Discretely Presented Component Units In May 2002, GASB issued Statement 39, Determining Whether Certain Organizations Are Component Units, which amended Statement 14 to establish the criteria for the inclusion of organizations on this basis. item-by-item comparison of the models. in the Comprehensive Annual Financial Report (CAFR), Must present only topics required by GASB The summary of significant accounting policies may also need to be slightly modified to incorporate the disclosure requirements of GASB Statement 46, Net Assets Restricted by Enabling Legislationan Amendment of GASB Statement No. in table 10. government. Comparative financial statements are not required between the original and final budgets is allowed, Required Supplementary Information Additional appendices include a paragraph-by-paragraph cross-reference of original pronouncements to material in the Codification and a topical index. Likewise, if a district provides an OPEB plan, as defined earlier in this chapter, similar disclosure requirements will apply. WebPurchase for Download COMPLETE TEXT B00K SOLUTION WITH ANSWERS INSTANT DOWNLOAD Financial Reporting and Analysis Using Financial by Statement 14, The Financial Reporting Entity (issued in Changes in general long-term debt, Any excess of expenditures over appropriations Even though it is preferable to distinguish between the primary government and its component units, certain component units, despite being legally separate from the reporting entity, are so intertwined with the entity that they are, in effect, the same as the primary government. (Paragraphs 116-120 of the Statement) the portions of each item that are due within 1 year of the statement date; and. disclosures for governments with outstanding obligations (for example, PPP loans) that have been guaranteed by another entity as part of a nonexchange transaction, disclosures for legislation enacted after the end of the reporting period, Implementation Guides (Post-Statement 76), Recent Meeting Minutes and Tentative Board Decisions, Public Hearings, User Forums, Task Force, and Working Group Meetings, Board Meeting Highlights/Articles from the GASB Report, GFOA Resource Center for Coronavirus Response, News coverage of COVID-19 and its effects on healthcare finance, Coronavirus Crisis Response: Resources for Your Community, County Governments and COVID-19: Key Issues and Resources, Coronavirus (COVID-19) Resources for States, Resources & Information Regarding COVID-19, COVID-19 Response Resources for Local Leaders, Business Continuity Planning and COVID-19, GOVERNMENTAL ACCOUNTING STANDARDS ADVISORY COUNCIL, Discontinued operations (other than temporary); idle impaired capital assets, 1400Reporting Capital Assets, paragraphs .176.180, Risk-financing and insurance-related activities other than public entity risk pools, C50Claims and Judgments, paragraphs .109.148, Contingent liabilities, including exchange financial guarantees and contingent assets, C50Claims and Judgments, paragraphs .149.168, All extinguishments of debt, including refundings, D20Debt Extinguishments and Troubled Debt Restructuring, paragraphs .103.128, Remarketing demand bonds, and counterparty take-out agreement, Termination of hedge accounting, including circumstances in which a swap counterparty or its credit support provider commits or experiences an act of default or a termination event, D40Derivative Instruments, paragraphs .118.121, Disclosures related to outflows of resources, Outflows of resources incurred in response to COVID-19, 2300Notes to Financial Statements, paragraph.108, Cessations of operations, such as through transfer or sale, Co10Combinations and Disposals of Operations, paragraphs .148.152 and .155, N50Nonexchange Transactions, paragraph .103, Revenues and expenses (expenditures) that are unusual and/or infrequent, 1800Classification and Terminology, paragraphs .144.152, Transactions that are no longer orderly due to a significant decline in market activity, 3100Fair Value Measurement, paragraphs .142.148, Information that contradicts the presumption that a government is a going concern, 2250Additional Financial Reporting Considerations, paragraphs .117.120, Mergers between governments, a government acquiring another entity, and transfers of operations, Co10Combinations and Disposals of Operations, paragraphs .102.147 and .152.154, Required discussion of currently known facts, decisions, or conditions expected to have a significant effect on financial position or results of operations, 2200Comprehensive Annual Financial Report, paragraphs .108 and .109h.

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