SimplyCPA
Quick Sheets/FAR/Governmental Accounting

FAR — Quick Sheet

Governmental Accounting

Read time: ~5 minutes

One-minute revision

  • Governmental funds → modified accrual (measurable + available, ~60-day rule)
  • Proprietary & fiduciary funds → full accrual
  • Governmental funds: "expenditures," current financial resources focus, no long-term assets/liabilities at fund level
  • Government-wide statements: full accrual for everything