Why, despite your response to the previous question, does the GASB direct that permanent funds be accounted for on a modiﬁed accrual basis?
Answer to relevant QuestionsSuppose that you are the independent auditor for a local performing arts association (either government or not-for-proﬁt) that recently received a sizable endowment. The association’s president has asked whether gains, ...Distinguish between a deﬁned beneﬁt plan and a deﬁned contribution plan. Why does a deﬁned beneﬁt plan present far more complex accounting issues than a deﬁned contribution plan?What is an investment pool? How are these assets of an investment pool presented in the ﬁnancial statements of the sponsoring government?The Nebraska Institute of Science (NIS) pools all of its endowment funds so that it can obtain the beneﬁts of a large and diverse investment portfolio. The institute recently acquired a commercial ofﬁce building as an ...The following are Rockville School District Teachers Retirement Plan’s statement of plan ﬁduciary net position (balance sheets) for 2015 and 2014, and statement of changes in plan ﬁduciary net position for 2015. All ...
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