|
Permanent Fund
In the United States, a permanent fund is one of the five governmental fund types established by GAAP. It is classified as a restricted true endowment fund for governments and non-profit organizations. Put simply, a permanent fund may be used to generate and disburse money to those entitled to receive payments by qualification or agreement, as in the case of Alaska citizens or residents that satisfy the rules for payment from their permanent fund from State oil revenues. It was first introduced through GASB Statement 34. The name of the fund comes from the purpose of the fund: a sum of equity used to permanently generate payments to maintain some financial obligation. Also, a fund can only be classified as a permanent fund if the money is used to report the status of a restricted financial resource. The resource is restricted in the sense that only earnings from the resource are used and not the principal. For example, a fund can be classified as a permanent fund if it is being us ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fund Accounting
Fund accounting is an accounting system for recording resources whose use has been limited by the donor, grant authority, governing agency, or other individuals or organisations or by law.Leon E. Hay (1980). ''Accounting for Governmental and Nonprofit Entities, Sixth edition'', page 5. Richard D. Irwin, Inc., Homewood, IL. It emphasizes accountability rather than profitability, and is used by Nonprofit organizations and by governments. In this method, a ''fund'' consists of a self-balancing set of accounts and each are reported as either unrestricted, temporarily restricted or permanently restricted based on the provider-imposed restrictions. The label ''fund accounting'' has also been applied to investment accounting, portfolio accounting or securities accounting – all synonyms describing the process of accounting for a portfolio of investments such as securities, commodities and/or real estate held in an investment fund such as a mutual fund or hedge fund. Investment accou ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Accountability Office Investigations Of The Department Of Defense
Government Accountability Office investigations of the Department of Defense (DoD) are typically audits in which the Government Accountability Office (GAO), the United States Congress' investigative arm, studies how the Department of Defense spends taxpayer dollars. Since the GAO is accountable only to the legislative branch, it is in a unique position to investigate the military; no other agency can audit Federal departments with the same degree of independence from the President. However, the GAO is still subject to influence from powerful members of Congress. As of May 19, 2021, the DoD was the only government agency to have failed every audit since all government agencies were required to pass such audits by the Chief Financial Officers Act of 1990. Two examples of major GAO investigations in the 2000s were the audits of Operation Iraqi Freedom and Defense Department airline reimbursements. Major investigations Operation Iraqi Freedom GAO investigations into Operation Iraqi Fr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Finances In The United States
A government is the system or group of people governing an organized community, generally a state. In the case of its broad associative definition, government normally consists of legislature, executive, and judiciary. Government is a means by which organizational policies are enforced, as well as a mechanism for determining policy. In many countries, the government has a kind of constitution, a statement of its governing principles and philosophy. While all types of organizations have governance, the term ''government'' is often used more specifically to refer to the approximately 200 independent national governments and subsidiary organizations. The major types of political systems in the modern era are democracies, monarchies, and authoritarian and totalitarian regimes. Historically prevalent forms of government include monarchy, aristocracy, timocracy, oligarchy, democracy, theocracy, and tyranny. These forms are not always mutually exclusive, and mix ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Audit
A government is the system or group of people governing an organized community, generally a state. In the case of its broad associative definition, government normally consists of legislature, executive, and judiciary. Government is a means by which organizational policies are enforced, as well as a mechanism for determining policy. In many countries, the government has a kind of constitution, a statement of its governing principles and philosophy. While all types of organizations have governance, the term ''government'' is often used more specifically to refer to the approximately 200 independent national governments and subsidiary organizations. The major types of political systems in the modern era are democracies, monarchies, and authoritarian and totalitarian regimes. Historically prevalent forms of government include monarchy, aristocracy, timocracy, oligarchy, democracy, theocracy, and tyranny. These forms are not always mutually exclusive, and mixed gover ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Accountability Office
The U.S. Government Accountability Office (GAO) is a legislative branch government agency that provides auditing, evaluative, and investigative services for the United States Congress. It is the supreme audit institution of the federal government of the United States. It identifies its core "mission values" as: accountability, integrity, and reliability. It is also known as the "congressional watchdog". Powers of GAO The work of the GAO is done at the request of congressional committees or subcommittees or is mandated by public laws or committee reports. It also undertakes research under the authority of the Comptroller General. It supports congressional oversight by: * auditing agency operations to determine whether federal funds are being spent efficiently and effectively; * investigating allegations of illegal and improper activities; * reporting on how well government programs and policies are meeting their objectives; * performing policy analyses and outlining options f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Accounting In The United States
Accounting, also known as accountancy, is the measurement, processing, and communication of financial and non financial information about economic entities such as businesses and corporations. Accounting, which has been called the "language of business", measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, creditors, management, and regulators. Practitioners of accounting are known as accountants. The terms "accounting" and " financial reporting" are often used as synonyms. Accounting can be divided into several fields including financial accounting, management accounting, tax accounting and cost accounting. Financial accounting focuses on the reporting of an organization's financial information, including the preparation of financial statements, to the external users of the information, such as investors, regulators and suppliers; and management accounting focuses on the measurement, a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Generally Accepted Accounting Principles
Generally Accepted Accounting Principles (GAAP or U.S. GAAP, pronounced like "gap") is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC) and is the default accounting standard used by companies based in the United States. The Financial Accounting Standards Board (FASB) publishes and maintains the Accounting Standards Codification (ASC), which is the single source of authoritative nongovernmental U.S. GAAP. The FASB published U.S. GAAP in Extensible Business Reporting Language (XBRL) beginning in 2008. Sources of GAAP The FASB Accounting Standards Codification is the source of authoritative GAAP recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal securities laws are also sources of authoritative GAAP for SEC registrants. In addition to the SEC's rules and interpretive releases, the SEC staff issues Staff Accounting Bulletins that represent practices followed by ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Accountability Act
The Federal Accountability Act (full title: "An Act providing for conflict of interest rules, restrictions on election financing and measures respecting administrative transparency, oversight and accountability") (the Act) is a statute introduced as Bill C-2 in the first session of the 39th Canadian Parliament on April 11, 2006, by the President of the Treasury Board, John Baird. The aim was to reduce the opportunity to exert influence with money by banning corporate, union, and large personal political donations; five-year lobbying ban on former ministers, their aides, and senior public servants; providing protection for whistleblowers; and enhancing the power of the Auditor General to follow the money spent by the government. The bill aimed to increase the transparency of government spending, and establish clearer links between approved expenditures and their outcomes. The bill was passed by the House of Commons on June 22, 2006, by the Senate on November 9, 2006, and was gr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Company
A public company is a company whose ownership is organized via shares of stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public (publicly traded) company can be listed on a stock exchange ( listed company), which facilitates the trade of shares, or not (unlisted public company). In some jurisdictions, public companies over a certain size must be listed on an exchange. In most cases, public companies are ''private'' enterprises in the ''private'' sector, and "public" emphasizes their reporting and trading on the public markets. Public companies are formed within the legal systems of particular states, and therefore have associations and formal designations which are distinct and separate in the polity in which they reside. In the United States, for example, a public company is usually a type of corporation (though a corporation need not be a public company), in the United Kingdom it is usually a public limited company (plc), ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
List Of GASB Statements
The Governmental Accounting Standards Board Statements (GASB Statements in short) are issued by GASB to set generally accepted accounting principles (GAAP) for state and local governments in the United States of America. These statements are the most authoritative source for governmental GAAP. Other business entities follow statements issued by Financial Accounting Standards Board (FASB). {, class=wikitable ! No. , , Title , , Issue date , , Changes , - , 1., , Authoritative Status of NCGA Pronouncements and AICPA Industry Audit Guide , , July 1984, , *Amended *Partially superseded , - , 2., , Financial Reporting of Deferred Compensation Plans Adopted under the Provisions of Internal Revenue Code Section 457 , , Jan. 1986, , *Amended and later superseded by GASBS 32 , - , 3., , Deposits with Financial Institutions, Investments (including Repurchase Agreements), and Reverse Repurchase Agreements , , Apr. 1986, , *Heavily amended *Partially superseded , - , 4., , Appli ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Alaska
Alaska ( ; russian: Аляска, Alyaska; ale, Alax̂sxax̂; ; ems, Alas'kaaq; Yup'ik: ''Alaskaq''; tli, Anáaski) is a state located in the Western United States on the northwest extremity of North America. A semi-exclave of the U.S., it borders the Canadian province of British Columbia and the Yukon territory to the east; it also shares a maritime border with the Russian Federation's Chukotka Autonomous Okrug to the west, just across the Bering Strait. To the north are the Chukchi and Beaufort Seas of the Arctic Ocean, while the Pacific Ocean lies to the south and southwest. Alaska is by far the largest U.S. state by area, comprising more total area than the next three largest states ( Texas, California, and Montana) combined. It represents the seventh-largest subnational division in the world. It is the third-least populous and the most sparsely populated state, but by far the continent's most populous territory located mostly north of the 60th pa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Alaska Permanent Fund
The Alaska Permanent Fund (APF) is a constitutionally established permanent fund managed by a state-owned corporation, the Alaska Permanent Fund Corporation (APFC). It was established in Alaska in 1976 by Article 9, Section 15 of the Alaska State Constitution under Governor Jay Hammond and Attorney General Avrum Gross. From February 1976 until April 1980, the Department of Revenue Treasury Division managed the state's Permanent Fund assets, until, in 1980, the Alaska State Legislature created the APFC. As of 2019, the fund was worth approximately $64 billion that has been funded by oil revenues and has paid out an average of approximately $1,600 annually per resident (adjusted to 2019 dollars). The main use for the fund's revenue has been to pay out the Permanent Fund Dividend (PFD), which many authors portray as the only example of a basic income in practice. History Shortly after the oil from Alaska's North Slope began flowing to market through the Trans-Alaska Pipeline Syst ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
