Reporting Requirements for Annual Financial Reports of State Agencies and Universities
Specialized Accounting
Specialized Accounting
Government accounting ensures transparency, accountability and efficient resource use. The public sector operates under unique principles and standards, focusing on public interest and service rather than profit generation. Understanding government accounting practices is essential for stakeholders who rely on accurate financial information for decision-making. GASB 34 introduced government-wide financial statements, providing a comprehensive overview of a government’s financial position. These statements complement traditional fund-based reports by offering a broader perspective on fiscal health, ensuring stakeholders have access to a full spectrum of financial information for informed decision-making.
Specialized government accounting focuses on these expanded areas of interest. Different stakeholders have different areas of interest in financial reporting. These stakeholders include:
- Academics
- Budget officers
- Bureaucratic managers
- State auditors/controllers
- Citizens
- Financial markets
- Elected officials
- External auditors/CPA firms
- Finance officers
- Government accountants
- Government auditors
- Interest groups
- Media
- Professional associations
- Standard setters
- Other governments
Specialized areas of government accounting include:
- Sale of real estate
- Research and development arrangements
- Broadcasters
- Troubled debt restructuring
- Public-private and public-public partnerships
- Availability payment arrangements
- Government combinations and disposals of government operations
- Non-exchange, exchange and exchange-like financial guarantees
- Non-exchange and exchange transactions
- Fair value measurement and application
- External investment pools
- Tax abatements
- Irrevocable split-interest agreements
- Certain debt extinguishment issues