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Fund-Basis to Government-Wide Accounting

You are going from fund basis to government-wide. The government wide statements are separated into governmental activities and business-type activities. So, list type of fund statement for this one, summarize what must be adjusted to â??changeâ? it into government wide statement.

*Proprietary Funds

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The order in which an organization converts from fund accounting to the Government-Wide Financial Statements is important.

Paragraph 130 of GASB 34 requires that the original budget plus changes and carryovers
(encumbrances and continued appropriations) from the prior fiscal year be shown as the Original
Budget. The Final Budget should also include any current year legally adopted changes. The total
is therefore equal to the entire spending amount. Since the Budget includes prior year carryovers, the actual expenditures do not include encumbrances. The actual budgetary-based
expenditures report should only show minor differences when compared to the modified
accrual based expenditures reported in the fund financial statements.

In the GASB 34 Reporting ...

Solution Summary

Explains how to convert from fund basis to government wide accounting; including sources.