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The unique objectives of government accounting do not preclude the use of the double entry accounting system. There can, however, be other significant differences with private sector accounting practices, especially those that are intended to arrive at a net income result.
The Governmental Accounting Standards Board (GASB) is the source of generally accepted accounting principles (GAAP) used by state and local governments in the United States. [1] As with most of the entities involved in creating GAAP in the United States, it is a private, non-governmental organization.
National income (NI) is the sum of employees, proprietors, rental, corporate, interest, and government income less the subsidies government pays to any of those groups. Net national product (NNP) is National Income plus or minus the statistical discrepancy that accumulates when aggregating data from millions of individual reports.
National accounts or national account systems (NAS) are the implementation of complete and consistent accounting techniques for measuring the economic activity of a nation. These include detailed underlying measures that rely on double-entry accounting. By design, such accounting makes the totals on both sides of an account equal even though ...
A deferred expense, also known as a prepayment or prepaid expense, is an asset representing cash paid in advance for goods or services to be received in a future accounting period. For example, if a service contract is paid quarterly in advance, the remaining two months at the end of the first month are considered a deferred expense.
Advance payments made as a loan are generally repayable but this is not always the case. In Leibson Corporation and Others v TOC Investments Corporation and Others, an English Court of Appeal case in 2018, [3] it was established following principles of contractual interpretation that, in the absence of any specific language to the contrary, an "advance" is not always repayable.
Other Comprehensive Basis of Accounting (OCBOA) in United States accounting refers to a system of accounting other than GAAP. As explained in the Journal of Accountancy , [ 1 ] under Statement on Auditing Standards (United States) No. 62, Special Reports , an OCBOA is any one of:
In 2009, the Codification superseded the FASB's Statements of Financial Accounting Standards. 168 standards had been issued before the Codification. Concepts Statements, first issued in 1978. They are part of the FASB's conceptual framework project and set forth fundamental objectives and concepts that the FASB use in developing future standards.