What GASB 33?
What GASB 33?
A non-exchange transaction is one in which one party receives something of value without directly giving value in exchange. Grants can be either exchange or non-exchange transactions. GASB 33 only applies to non-exchange transactions.
What is a Nonexchange transaction?
In a nonexchange transaction, a government gives (or receives) value without directly receiving (or giving) equal value in return. This is different from an exchange transaction, in which each party receives and gives up essentially equal values.
What are government mandated Nonexchange transactions?
A government-mandated nonexchange transaction occurs when the Federal government provides resources to the State and requires the State to use the resources in accordance with specified purposes and/or time requirements.
What affects voluntary Nonexchange?
The principal characteristics of voluntary nonexchange transactions are (1) they are not imposed on the provider or the recipient and (2) fulfillment of eligibility requirements is essential for a transaction (other than the provision of cash or other assets in advance) to occur. 8.
What is Nonexchange revenue?
A nonexchange transaction is one in which a government receives (or gives) value without directly giving (or receiving) equal value in exchange. There is no clear link between services provided and supporting revenues. Derived tax revenues (for example income tax or sales tax).
What are government funds?
A government fund is a grouping used in accounting for tax-supported activities completed by the federal government. Its opposite is a proprietary fund, which accounts for business-like activities conducted by the government. There are several government fund types, each of which maintains a balance sheet.
What is the purpose of Nonexchange revenue?
In a nonexchange transaction, a government gives (or receives) value without directly receiving (or giving) equal value in return. Nonexchange transactions are typically described as taxes, fines, and certain grants.
What are the four categories of Nonexchange revenues?
GASBS 33 identifies four classes of nonexchange transactions: derived tax revenues; imposed nonexchange revenues; government-mandated nonexchange transactions; and voluntary nonexchange transactions.
How do I find my major funds for GASB 34?
Major funds are funds whose revenues, expenditures/expenses, assets, or liabilities (excluding extraordinary items) are at least 10 percent of corresponding totals for all governmental or enterprise funds and at least 5 percent of the aggregate amount for all governmental and enterprise funds.
What are the 5 types of government funds?
According to the GAAFR (the Blue Book), governmental funds are “used to account for activities primarily supported by taxes, grants, and similar revenue sources.” Within the category of Governmental Funds, there are five types: General Fund, special revenue funds, debt service funds, capital projects funds, and …
What is the largest source of revenue for the federal government?
Individual income taxes
Sources of Federal Revenues Individual income taxes are the largest single source of federal revenues, constituting one-half of such receipts. As a percentage of GDP, individual income taxes have ranged from 6 to 10 percent over the past 50 years, averaging 8 percent of GDP.