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GASB Summaries |
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GASB Summaries |
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Statement No. 20 Accounting and Financial Reporting for Proprietary Funds and Other Governmental Entities That Use Proprietary Fund Accounting STATUS Issue Date: September 1993 Effective Date: For periods beginning after December 15, 1993 Affects: Amends NCGAS 1, paragraphs 18, 74, 117, 122, and 127 and Appendix A Affected by: Paragraph 7 amended by GASBS 29, ¶7 Primary Codification Section Reference: P80 Abbreviations for Accounting Pronouncements GASBS - GASB Statements GASBI - GASB Interpretations GASBTB - GASB Technical Bulletins GASBCS - GASB Concepts BFC - Basis for Conclusions NCGAS - NCGA Statements NCGAI - NCGA Interpretations SOP - AICPA Statements of Position ASLGU - AICPA Audit Guide SUMMARY This Statement provides interim guidance on business-type accounting and financial reporting for proprietary activities (that is, proprietary funds and governmental entities that use proprietary fund accounting), pending further GASB research that is expected to lead to the issuance of one or more pronouncements on the accounting and financial reporting model for proprietary activities. Proprietary activities should apply all applicable GASB pronouncements as well as the following pronouncements issued on or before November 30, 1989, unless those pronouncements conflict with or contradict GASB pronouncements: Statements and Interpretations of the Financial Accounting Standards Board (FASB), Accounting Principles Board (APB) Opinions, and Accounting Research Bulletins (ARBs) of the Committee on Accounting Procedure. In addition to applying FASB Statements and Interpretations, APB Opinions, and ARBs issued on or before November 30, 1989, a proprietary activity may also apply all FASB Statements and Interpretations issued after November 30, 1989, except for those that conflict with or contradict GASB pronouncements. The same application of FASB pronouncements is encouraged to be used for all proprietary activities, including component units, in the general purpose financial statements of the financial reporting entity. The provisions of this Statement are effective for financial statements for periods beginning after December 15, 1993. Early application is encouraged. Unless otherwise specified, pronouncements of the GASB apply to financial reports of all state and local governmental entities, including public benefit corporations and authorities, public employee retirement systems, governmental utilities, governmental hospitals and other healthcare providers, and governmental colleges and universities. Paragraph 5 discusses the applicability of this Statement. Copyright by Governmental Accounting Standards Board. All Rights Reserved. Used by Permission. Click Here for Order Information
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