Certificate of Achievement

GAAFR Review, February, 2008 by Gauthier, Stephen J

DISCLOSING GAAP ALTERNATIVES

As evidenced by footnote 7 of the National Council on Governmental Accounting's (NCGA) Statement 1, Governmental Accounting and Financial Reporting Principles, state and local governments have long been required to prepare a summary of significant accounting policies (SSAP) in conformity with the provisions of the Accounting Principles Board's (APB) Opinion No. 22, Disclosure of Significant Accounting Policies. According to APB Opinion No. 22, the purpose of the SSAP is to "identify and describe the accounting principles followed by the reporting entity and the methods of applying those principles...", which specifically includes the disclosure of any "selection from existing acceptable alternatives" (paragraph 12). This article will review the...

Read the rest of this article with a Free Trial at HighBeam Research.

Premium Content Partnership | HighBeam Research provides an in-depth online archive library of reference works.