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Government and Not-for-Profit Accounting: Concepts and Practices, 6th Edition

Government and Not-for-Profit Accounting: Concepts and Practices, 6th Edition

Michael H. Granof, Saleha B. Khumawala

ISBN: 978-1-118-15597-4

Jan 2013

832 pages

Select type: Hardcover


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By emphasizing concepts, rather than rules and procedures, Granof’s Government and Not-for-Profit Accounting, 6th Edition ensures that students will gain insight into how and why the issues may have been resolved either similarly or differently in the business sector. Unlike other government and NFP accounting texts, this book is directed for both potential users and preparers of financial reports. Government and Non-Profit Accounting helps make students aware of the dynamism of government and not-for-profit accounting and of the intellectual challenges that it presents. Emphasizing real world applications and an “issue-oriented” approach, the text explains concepts concisely and connects them with real world examples and is conceptual, yet provides complete coverage of all topics likely to appear on the CPA exam.


Related Resources

Chapter 1The Government and Not-for-Profit Environment 1

Chapter 2 Fund Accounting 36

Chapter 3 Issues of Budgeting and Control 89

Chapter 4 Recognizing Revenues in Governmental Funds 133

Chapter 5 Recognizing Expenditures in Governmental Funds 180

Chapter 6 Accounting for Capital Projects and Debt Service 228

Chapter 7 Capital Assets and Investments in Marketable Securities 272

Chapter 8 Long-Term Obligations 309

Chapter 9 Business-Type Activities 348

Chapter 10 Fiduciary Funds and Permanent Funds 402

Chapter 11 Issues of Reporting, Disclosure, and Financial Analysis 464

Chapter 12 Not-for-Profit Organizations 515

Chapter 13 Colleges and Universities 576

Chapter 14 Health Care Providers 611

Chapter 15 Managing for Results 641

Chapter 16 Auditing Governments and Not-for-Profit Organizations 682

Chapter 17 Federal Government Accounting 722

Glossary 775

Value Tables 793

Index 801

  • Complete, thorough, accurate and up to date coverage of all the new authoritative pronouncements issued by GASB since the 5th edition in general, and in particular coverage on:
    • GASB Std  # 54 (Fund Balance Reporting and Governmental Fund Type Definitions),
    • GASB Std # 63 (Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources, and Net Position),  
    • GASB Std # 65 (Items previously reported as Assets and Liabilities),
    • GASB Concepts Statement # 4  which defines the key elements of financial statements, expands the basic accounting equation and alters certain financial statements and
    • The two new pronouncements  that GASB will be issuing that make critical changes to the existing standards on Pensions (GASB Stds # 25, 27 and 50).
    • GASB proposals on fiscal sustainability
    • The GAAP hierarchies issued by GASB (Std # 62)  and latest pronouncements by FASAB.
    • Current issues being dealt with by GASB, FASB and FASAB
    • Governmental financial reporting is illustrated using the financial statements from the City of Charlotte CAFR for FY 11
      throughout Chapters 2 through 11.
  • For chapters 12-14 on Not-for-profits, the text includes illustrative examples from real charities and covers the extensive IRS compliance and reporting requirements.  
  • In Chapter 16 on Public Sector Auditing, the revised Government Auditing Standards and the AICPA’s enhanced audit requirements for supplementary information are covered.
  • The 6th edition will also include:
    • Internet based exercises and additional discussion questions at the end of chapters.
    • Examples from various cities across the US to make the material more interesting.
  • Mini-Cases and Questions help students build valuable critical thinking skills by asking them to read, interpret, and analyze the financial statements of real not-for-profits and governmental entity
  • Chapters covering state and local accounting principles include a Continuing Problem which asks students to review the comprehensive annual financial report and answer questions about it.
  • Actual CAFR continuing problem that includes actual financial statements of Charlotte, North Carolina.
  • Emphasis on planning, control and performance evaluation reflects the true nature of nonprofit accounting.
  • Exercises for Review and Self Study include most of the CPA problems that have appeared on the CPA exam in the last decade.
  • Uses the dual track approach to teach governmental accounting.