State and Local Governments - Audit and Accounting Guide

AICPA Audit and Accounting Guide State and Local Governments summarizes new standards, guidance, and practices, and delivers "how-to" advice for handling audit and accounting issues common to state and local governments. Updated as of March1, 2012, the guide includes relevant guidance contained in applicable standards and other technical sources. Whether you are a financial statement preparer or auditor it is critical to understand the complexities of state and local governments including revenue and expense recognition, asset valuation, and financial statement presentation. This guide provides an in depth discussion and guidance on accounting and auditing considerations for capital assets and investments, including derivatives, and includes examples of auditor's reports for a variety of situations encountered in practice. All content is reviewed by industry experts and approved by the appropriate AICPA senior technical committee(s). A subject index has been added to the guide for ease of use. Updates significant to this edition include:New auditing guidance and reporting examples for required supplementary information (RSI), supplementary information, and other information applicable to state and local governments; Implementation of GASB Statement No. 62, Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements. The guide also covers the most recently issued GASB pronouncements.