Printer Friendly
The Free Library
22,728,043 articles and books

GASB 15 clarifies accounting for public colleges, universities.

The Governmental Accounting Governmental accounting is an umbrella term which refers to the various accounting systems used by various public sector entities. In the United States, for instance, there are three levels of government which follow different accounting standards set forth by independent, private  Standards Board's recently issued Statement no. 15, Governmental College and University Accounting and Financial Reporting Models, is expected to resolve conflicts over whether generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records.

Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting
 or government accounting and reporting models should be used by public colleges and universities.

According to according to
1. As stated or indicated by; on the authority of: according to historians.

2. In keeping with: according to instructions.

 the statement, government colleges and universities may choose between two reporting models: one developed by the American Institute of CPAs in its Industry Audit Guide, Audits of Colleges and Universities, as amended, or the government model developed by the National Council of Governmental Accounting, as amended.

GASB GASB Governmental Accounting Standards Board  Statement no. 15, which also applies to state and local government reporting entities that include colleges and universities, is effective for periods beginning after June 15, 1992.

Copies of Statement no. 15 are available for $6.25 from the GASB Order Department, P.O. Box 30784, Hartford, Connecticut “Hartford” redirects here. For other uses, see Hartford (disambiguation).

Hartford is the capital of the State of Connecticut. It is located in Hartford County on the Connecticut River, north of the center of the state.
 06150. (Connecticut orders should add 6% sals tax.)
COPYRIGHT 1991 American Institute of CPA's
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

 Reader Opinion




Article Details
Printer friendly Cite/link Email Feedback
Publication:Journal of Accountancy
Date:Dec 1, 1991
Previous Article:AICPA releases first CIRA audit and accounting guide.
Next Article:IAPC upgrades its auditing pronouncements, issues guidance.

Related Articles
GASB exposure draft on colleges and universities.
GASB issues three new statements and sea proposal.
GASB proposes amendments to statements on public entity risk pools.
Which GAAP should NPOs apply?
GASB proposes clarifying pension plan reporting standards.
New technical bulletin clarifies accounting for pensions.
New model for schools.
GASB reporting guidance expanded to colleges and universities.
GASB expands on financial reporting guidance for fundraising foundations and similar organizations. (accounting & auditing news).
GASB issued Statement no. 46, Net Assets Restricted by Enabling Legislation, an amendment of GASB Statement no. 34 (

Terms of use | Copyright © 2014 Farlex, Inc. | Feedback | For webmasters