2015年美国CPA《财务会计与报告》知识点(11)
Capital projects funds are established for the construction or purchase or leasing of significant fixed assets.
The life of the capital projects fund is short and is limited to a construction period of 1 to 3 years.
Revenues=investment earning+tax revenues+capital grants+general fund transfers+special assessments+bond issue proceeds
Capital grants received in advance are often recorded as a liability and displayed as earned as they are expended.
Government grants may be restricted and are reported as “revenue” when earned，or may be unrestricted and recognized immediately.
Special assessments are defined as taxes or fees levied against property owners who will directly benefit from the project(e.g.sidewalks and street lights)
Capital project fund expenditures are usually entirely classified as capital outlay，one of the major character classifications.
“DRIP CEG，PIPpA”
Permanent funds should be used to report resources that are legally restricted to the extent that only earnings and not principal，may be used for the purposes that support the reporting government‘s programs.
In government funds，only Debt service fund and Permanent funds do NOT record encumbrances.
FAR F8-5 Proprietary Funds
“DRIP CEG，PIPpA”
Internal service funds are established to finance and account for services and supplies provided exclusively to other departments within a government unit or to other governmental units，typically on a cost-reimbursement basis.
E.g.central garages and motor，central printing and duplicating services
Revenue sources=restricted grant revenue+operating revenues+non-operating revenues.
Expense types=operating expenses + non-operating expenses
Unique accounting issues of internal service fund
Adopt accrual accounting. Recording long-term liabilities，fixed assets，and depreciaiton.
No budgetary accounts and encumbrances
Net position=Net investment in capital assets+Restricted+Unrestricted(RUN)
“DRIP CEG，PIPpA”
Enterprise funds are used to account for operations that are financed and operated in a manner similar to private business enterprise.
E.g.Public utilities，public transportations systems，lotteries etc.
Revenue sources=operating revenues+nonoperating revenues
Expense types=operating expenses+nonoperating expenses
Unique accounting issues of enterprise fund
Accrual accounting
Recording long-term liabilities and fixed assets
Depreciation
Net position=net investment in capital assets+restricted+unrestricted(RUN)
Cash flow statement of proprietary funds
There are four parts(F8-68)
Cash flows from operating activities
Cash flows from NONCAPITAL financing activities
Cash flows from CAPITAL and related financing activities
Cash flows from investing activities
F8-6 Fiduciary Funds
“DRIP CEG，PIPpA”
All fiduciary funds，adopt full accrual method.
All fiduciary funds，no cash flow required.
All proprietary funds，cash flow statement is required.
Pension trust funds account for government sponsored defined benefit and defined contribution plans and other employee benefits such as post retirement health care benefits.
Revenue sources = employer & employee contributions+other fund transferring money to this fund+Income from investment
Expense(Deduction)types=benefits payments+refunds+administrative expenses
Unique accounting issue of pension fund
Pension trust funds use the accrual basis of accounting.
Pension liability change is caused by pension cost(SIR AGE)
“SIR” expensed
“AGE”，deferred outflows and deferred inflows
Pension trusts capitalize fixed assets and record related depreciation expense.
Pension trusts carry long-term debt and pay both principal and interest.
Net position reported in a single line as “Net position：Held in trust for pension benefits and other purposes”
On F/S of pension funds，the pension plan‘s investment are reported on a fair value basis.
Agency trust fund collects cash to be held temporarily for an authorized recipient to whom it will be later disbursed.
The recipient may be another fund or some individual or firm or even government outside of the government.
For agency trust，NO income statement and NO cash flows.
E.g.Tax collection funds.
No revenue and No expense are recognized in agency funds.
Tax collection funds exist when one local government collects a tax for an overlapping governmental unit and remits the amount collected，less administrative charges， to the recipient unit.
Clearance funds–cash conduit arrangement(no monitoring)。Such as Alimony，child support，pass-through grants.
Special assessments. When the governmental unit “is NOT otherwise obligated” for the debt，the receivables and debt service transaction are appropriately accounted for in the agency fund. If the governmental unit has liability，accounted as capital fund and debt service fund.
F/S of agency fund
No “Net position”
No Income statement
No cash flow statement
“DRIP CEG，PIPpA”
Private purpose trust fund is the designated fund for reporting all other trust arrangements under which principal and income are for the benefit of one of the specific individuals，private organizations，other governments.
“DRIP CEG，PIPpA”
Investment trust fund account for external investment pools.
Adopt full accrual basis
The plan‘s net assets(investments)are reported on a fair value basis
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