GASB provides guidance for reporting by special-purpose entities. That guidance depends upon whether special-purpose entities are engaged in activities that are governmental-type, business-type only, or fiduciary-type only. Discuss the guidance and list required basic financial statements for: a. Governments engaged in governmental-type activities. Include those that are engaged in governmental- and business-type activities, more than one governmental activity, and only one governmental activity. b. Governments engaged in business-type activities only. c. Governments engaged in fiduciary-type activities only

custodial fund assets and liabilities are to be recognized: When the earnings process is complete and collection is reasonably assured At the time the government becomes responsible for assets. When they are available and measurable Only in the government wide financial statements.

The GASB defines a financial reporting entity as the primary government and the entities for which the primary government is financially accountable. Following is a list of entities being considered for classification as primary governments. 1. Waseca County government. 2. University of South Florida, a part of the State University System of Florida. 3. The Tri-County Independent School District, a legal entity, with an elected board and financial independence. 4. The State of Colorado._______ 5. Greenfield Sports Authority, a joint venture between Greenfield County and the Mighty Ducks Sports franchise. page 417 Required For each of the entities listed, indicate with a Y (yes) if the entity would be considered a primary government and with an N (no) if it would not be considered a primary government. In addition, explain why you believe the entity should or should not be considered a primary government. —————

The body currently responsible for developing local governmental accounting standards is the a. Financial Accounting Standards Board (FASB) b. Governmental Accounting Standards Board (GASB) c. National Council on Governmental Accounting (NCGA) d. Municipal Finance Officers Association (MFOA)