正保会计网校特别为美国cpa学员整理了美国cpa考试《财务会计与报告》的内容，以备迎接美国CPA考试，祝您在网校学习愉快！
A deferred outflow of resources is a consumption of net assets that is applicable to a future reporting period.
Deferred outflows of resources have a positive effect on net position and are reported following assets but before liabilities.
A deferred inflow of resources is an acquisition of net assets that is applicable to a future reporting period.
Deferred inflow of resources have a negative effect on net position and are reported following liabilities but before equity.
Presentation of statements of financial position
Governmental fund balance：（Assets+Deferred outflows of resources=Liabilities+Deferred inflows of resources+Fund Balance
Government-wide /proprietary fund/Fiduciary fund：（Assets+Deferred outflows of resources）-（Liabilities+Deferred inflows of resources）=Net Position
Types of transactions classified as deferred outflows of resources and deferred inflows of resources（4 types）
A.Service Concession Arrangements（SCA）政府资产的发包经营
Upfront or installment payments are displayed as an asset at their present value along with a deferred inflow of resources
Deferred inflows should be recognized in a systematic and rational manner
SCA的会计处理
Show the managed facility as a capital asset
Displays a liability for significant contractual obligation
Upfront or installment payments are displayed as an asset at their present value along with a deferred inflow of resources
Deferred inflows should be recognized in a systematic and rational manner
B.Derivative instruments and hedge accounting
Derivatives are reported at fair value
Changes in value of derivatives used as investments are displayed within the investment revenue classification
Changes in value of derivatives used for hedging activities are reported as either deferred outflows or deferred inflows of resources.
C.Other deferred outflows / inflows of resources（GASB 65）
Imposed Nonexchange revenue transactions
Refunding of Debt
Sales and intra-entity transfers of future revenue
Sale and leaseback
Assets associated with unavailable revenue
Others
D.Accounting and financial reporting for pensions
Pension liability change is caused by pension cost（SIR AGE）
“SIR” expensed
“AGE”，deferred outflows and deferred inflows
FAR F8-4 Governmental Funds
“DRIP CEG，PIPpA”
The general fund is created at the beginning of the governmental unit，and it exists throughout the life of that unit.
The general fund accounts for the general activities of a government that are not accounted for by any other fund.
Revenue sources=Taxes+Fees & Fines+intergovernmental+Charges for services+Other revenues.
Expenditure types=General government+Public safety+Culture and recreation
Adopt modified accrual and budgetary accounting
General fund unique accounting issues
Modified accrual and budgetary accounting
Only one general fund
Must be major fund
Only exist current asset & current liability
No fixed assets & no Long-term debt
F/S–Required Supplementary Information （RSI）–Budgetary Comparison Schedule
“DRIP CEG，PIPpA”
Special revenue funds account for revenues and expenditures that are legally restricted or committed for specific purposes other than debt service or capital projects.
E.g.Special fees（to operate school programs）中国的教育附加费
Revenue sources=Intergovernmental revenue+Fees
Expenditure types=character expenditures（特定目的支出）+Functional expenditures（功能性支出）
Special revenue fund unique accounting issues
Expendable trust activity should be accounted for in a special revenue fund.
Expendable trust activities represent funding whose principal and income may be expended in the course of their designated operations so that they are depleted by the end of their designated lives.
Special revenue fund unique accounting issues
When a grant is received and the recipient government monitoring it，it is special revenue fund.
When a grant is received and the recipient government not-monitoring it，it is agency trust fund.
“DRIP CEG，PIPpA”
The debt service fund is created to account for the accumulation of resources and the payment of currently due interest and principal on “long-term general obligation debt” by setting aside cash and cash equivalents.
The debt service fund ONLY pays off the debt of governmental funds.
The debt service fund‘s resources for new debt are frequently derived from allocated portions of property taxes，transfers from other funds，and investment interest
Expenditure=Legally due interest+legally due principle
Principal and interest expenditures should be recorded when they are legally payable per the bond agreement.
There is no accrual of interest expenditures or interest payable.
No allocation between interest and principal；both are expenditures
There is no amortization of a premium or a discount.
Premiums and discounts are treated as a component of bond proceeds.
Debt service fund are required only when legally mandated.
The operations of debt service fund are similar to a commercial accounting“sinking fund”
“DRIP CEG，PIPpA”
Capital projects funds are established for the construction or purchase or leasing of significant fixed assets.
The life of the capital projects fund is short and is limited to a construction period of 1 to 3 years.
Revenues=investment earning+tax revenues+capital grants+general fund transfers+special assessments+bond issue proceeds
Capital grants received in advance are often recorded as a liability and displayed as earned as they are expended.
Government grants may be restricted and are reported as “revenue” when earned，or may be unrestricted and recognized immediately.
Special assessments are defined as taxes or fees levied against property owners who will directly benefit from the project（e.g.sidewalks and street lights）
Capital project fund expenditures are usually entirely classified as capital outlay，one of the major character classifications.
“DRIP CEG，PIPpA”
Permanent funds should be used to report resources that are legally restricted to the extent that only earnings and not principal，may be used for the purposes that support the reporting government‘s programs.
In government funds，only Debt service fund and Permanent funds do NOT record encumbrances.
FAR F8-5 Proprietary Funds
“DRIP CEG，PIPpA”
Internal service funds are established to finance and account for services and supplies provided exclusively to other departments within a government unit or to other governmental units，typically on a cost-reimbursement basis.
E.g.central garages and motor，central printing and duplicating services
Revenue sources=restricted grant revenue+operating revenues+non-operating revenues.
Expense types=operating expenses + non-operating expenses
Unique accounting issues of internal service fund
Adopt accrual accounting. Recording long-term liabilities，fixed assets，and depreciaiton.
No budgetary accounts and encumbrances
Net position=Net investment in capital assets+Restricted+Unrestricted（RUN）
“DRIP CEG，PIPpA”
Enterprise funds are used to account for operations that are financed and operated in a manner similar to private business enterprise.
E.g.Public utilities，public transportations systems，lotteries etc.
Revenue sources=operating revenues+nonoperating revenues
Expense types=operating expenses+nonoperating expenses
Unique accounting issues of enterprise fund
Accrual accounting
Recording long-term liabilities and fixed assets
Depreciation
Net position=net investment in capital assets+restricted+unrestricted（RUN）
Cash flow statement of proprietary funds
There are four parts（F8-68）
Cash flows from operating activities
Cash flows from NONCAPITAL financing activities
Cash flows from CAPITAL and related financing activities
Cash flows from investing activities
F8-6 Fiduciary Funds
“DRIP CEG，PIPpA”
All fiduciary funds，adopt full accrual method.
All fiduciary funds，no cash flow required.
All proprietary funds，cash flow statement is required.
Pension trust funds account for government sponsored defined benefit and defined contribution plans and other employee benefits such as post retirement health care benefits.
Revenue sources = employer & employee contributions+other fund transferring money to this fund+Income from investment
Expense（Deduction）types=benefits payments+refunds+administrative expenses
Unique accounting issue of pension fund
Pension trust funds use the accrual basis of accounting.
Pension liability change is caused by pension cost（SIR AGE）
“SIR” expensed
“AGE”，deferred outflows and deferred inflows
Pension trusts capitalize fixed assets and record related depreciation expense.
Pension trusts carry long-term debt and pay both principal and interest.
Net position reported in a single line as “Net position：Held in trust for pension benefits and other purposes”
On F/S of pension funds，the pension plan‘s investment are reported on a fair value basis.
Agency trust fund collects cash to be held temporarily for an authorized recipient to whom it will be later disbursed.
The recipient may be another fund or some individual or firm or even government outside of the government.
For agency trust，NO income statement and NO cash flows.
E.g.Tax collection funds.
No revenue and No expense are recognized in agency funds.
Tax collection funds exist when one local government collects a tax for an overlapping governmental unit and remits the amount collected，less administrative charges， to the recipient unit.
Clearance funds–cash conduit arrangement（no monitoring）。Such as Alimony，child support，pass-through grants.
Special assessments. When the governmental unit “is NOT otherwise obligated” for the debt，the receivables and debt service transaction are appropriately accounted for in the agency fund. If the governmental unit has liability，accounted as capital fund and debt service fund.
F/S of agency fund
No “Net position”
No Income statement
No cash flow statement
“DRIP CEG，PIPpA”
Private purpose trust fund is the designated fund for reporting all other trust arrangements under which principal and income are for the benefit of one of the specific individuals，private organizations，other governments.
“DRIP CEG，PIPpA”
Investment trust fund account for external investment pools.
Adopt full accrual basis
The plan‘s net assets（investments）are reported on a fair value basis
网校2014美国cpa辅导热招：
正保会计网校2014年美国CPA考试辅导全面招生！网校2014年美国注册会计师（U.S.CPA）考试辅导在总结往年成功教学经验的基础上，从学员实际需求出发，结合中国考生学习特点，融入先进的教学理念与创新的教学方式，针对不同学员的学习需求，全新推出高端特训班、网络远程班、自学课程班三种个性化辅导班次。（查看详情>>）
网校美国CPA课程使用全球美国CPA考试通过率至高的Becker CPA Review教材，配合网校专业的课程体系、特色的双语教学模式、灵活多样的学习方式、全方位一站式配套服务，定能为您顺利通过考试助一臂之力。机会难得，欲报从速！
了解详情30000元/4科
