What are the five environmental factors relating to how governments are different from commercial businesses as described by GASB in a white paper entitled. Why are and should there reporting be different.

Contrast the economic resources measurement focus and the current financial resources measurement focus with regard to the accounting treatment of long-term debt.

Answers.

Organizational Purpose

Governments exist for the well being of citizens by providing public services.Unlike businesses, profit is not an objective so a measure other than net income is needed.In addition, the stakeholders and the information they require are very different.Governments report information that is far more disaggregated than a commercial enterprise.

Sources of Revenue

Governments derive many of their resources from taxes.Individuals and businesses pay taxes because they are legally bound.Since there is no "product or service" being conveyed at the time of payment, it is difficult determine when to recognize revenue.

Potential for Longevity

Governments rarely go out of business they have an accounting focus with a long term view of operations and the sustainability of services and the ability of meet future demand.

Relationship with Stakeholders

Governments have an obligation to demonstrate accountability for public funds.Fund accounting is used by governments to provide assurance that resources are used according to legal or donor restrictions.

Role of the Budget

Budgets are expressions of public policy and often carry the authority of law.Public officials must stay within their budgets.Required budget vs. actual comparisons indicate the degree of compliance in this area.

Under the economic resources measurement focus, long-term debt is recorded as a liability and payments for principal are treated as a reduction in the liability.Since long-term liabilities do not require current financial resources to settle, they are not recorded under the current financial resources measurement focus.Payments of principal are charged to expenditures.

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