13 Jan Compare and contrast the

Module 1 discussion

What is the primary difference between modified accrual basis accounting and standard accrual basis accounting? Is the use of modified accrual basis accounting appropriate for government agencies? If so why? If not, what type of accounting is appropriate for government agencies?

Module 2 discussion

Are governmental fund financial statements sufficient for users seeking information about budgetary control and operational accountability? If so, why? If not, what type of information is needed to properly assess the effectiveness of the agency’s budgetary control that governmental fund financial statements do not provide?

Module 3 discussion

Why would a state or local government establish a capital project fund? What type of project might be considered a capital project? Could operating functions ever be funded with capital projects funds? How could these administrative controls assuring that funds not be shifted between funds be circumvented? Should the managers ever compromise their Integrity by transferring money between funds however well intended that transfer might be?

Module 4 discussion

What is the primary difference between agency funds and trust funds? What are the primary applications of each and how do the administrators of these funds apply Benedictine Core values of responsible stewardship and integrity in their management of the resources in these funds?

Module 5 discussion

The full text of the summary of GASB Statement 34 can be found at: http://www.gasb.org/st/summary/gstsm34.html.

What are the most important changes in reporting requirements found in this statement? Why was it necessary for GASB to publish this statement?

Module 6 discussion

Compare and contrast the institutional process used by FASAB for establishing generally accepted accounting principles for the federal government with the process used by FASB for developing accounting standards.

Module 7 discussion

Discuss the differences between a donor imposed restriction and a conditional promise to give. How are these two items reported in the financial statements? Are donor disclosures required in the Notes? If so should they be or should the privacy of donors be honored?

Module 8 discussion

What value to a potential donor of a not-for-profit organization (NFPO) is the entity’s program service’s ratios? Generally the salaries of the employees of government agencies are public information. Should NFPO management and staff salaries be disclosed in the Notes or by other public disclosure?