Financial Statements for Local Governments Discussion Solution

Financial Statements for Local Governments Discussion

Table of Contents

Order ID	53563633773
Type	Essay
Writer Level	Masters
Style	APA
Sources/References	4
Perfect Number of Pages to Order	5-10 Pages

Description/Paper Instructions

Financial Statements for Local Governments Discussion

GASB Statement 34 issued in 1999 updated the presentation standards for basic financial statements, their discussion and analysis, for financial and local governments. However, Statement No. 34 addresses a focus based on

business and government-type activities in general. In order to offer a perspective on the financial situation of public colleges and universities, GASB issued Declaration No.35 as an update to the standards of Statement No.34.

Based on this update, state and local governments can issue separate financial statements for universities and public colleges administered by their jurisdiction. “The Board explored incorporating the separately issued financial

statements of public colleges and universities into the reporting model established for other governmental entities in Statement 34.” (GASB, 1999)

One of the reasons stated by the Board is that after the issuance of FASB Declaration 117, the comparability of the financial reports of public and private colleges and universities had decreased. On the other hand, they believe

that public budgets do not affect the same way in most public colleges and universities because these institutions do not adopt detailed annual budgets by fund.

A private university could be either for-profit or non-profit. However, in the private sector these entities are governed by FASB standards. One of the differences that existed between universities under the GASB and FASB

standards was in the classification of Net Assets.

In 2016 an update was issued by the FASB that reduces the classification only by two elements: net assets with donor restrictions and net assets without donor restrictions. This update homogenizes the information a bit with the

GASB standards in which three classifications are required: Unrestricted, Restricted and Net Investment in Capital. (FASB, 2016)

Discussion # 2 ET

GASB Statement No. 15 guides the accounting and financial reporting models used for governmental colleges and universities (GASB, 1991). Governmental colleges and universities follow the AICPA model or governmental

model. According to  GASB Statement No. 19, all governmental colleges and universities required to follow the AICPA College model in reporting the Pell grant’s current fund (GASB, 1993).

In addition to that, it requires that if a single fund used to account for risk financing activities, that fund should report as an unrestricted fund (GASB Statement No. 19, 1993). Per Statement No. 10, paragraph 64, a governmental

college or university may use any method it chooses to allocate loss expenditure to the other funds of the institution.

However, if the total amount charges to additional funds exceed claim expenditures, it should be reported as nonmandatory transfers.

The standards for private, not-for-profit colleges and universities have the same as FASB standards from other non-profit-entities. Most of the government colleges and universities exercise the GASB Statement No.34, which

permits to account activities in enterprise funds.

Consequently, since both government and not-for-profit colleges and universities consider for their businesses on a full accrual basis, the differences are likely to be less pronounced as they were when they used different models (Granof, Khumawala, Calabrese, & Smith, para.584).

Discussion # 3 ET

Medical malpractice emerges when a health care professional or provider neglects to provide appropriate treatment, omits to take appropriate action, or gives the poor treatment that causes harm, injury, or death to a patient (Brazier, 2017). Typically, malpractice or negligence involves a medical error like diagnosis, medication dosage, health management, treatment, or aftercare.

However, with the guidance of medical malpractice law, it makes it possible for patients to recover compensation from any harms that are resulting from sub-standard treatment. Per the Medical Malpractice Center, in the United States, there are between 15,000 and 19 000 medical malpractice suits against doctors each year (Brazier, 2017).

Considerately, the standards and regulations for medical malpractice can differ between countries and states. Malpractice claims accounted for based on FASB ASC 954-450-25-2, that the ultimate cost of malpractice claims or similar contingent liabilities, which include costs associated with litigating or settling claims, shall be accrued when the incidents that give rise to the demands occur.

A health care entity should evaluate their exposure to losses arising from claims and recognize them as a liability. The liability shall not present a net of anticipated insurance recoveries. An entity that identified for liabilities should recognize as insurance receivable at the same time consider the liability and subject for valuation of allowance to the uncollectible amount (FASB ASC 954-450- 25-2).

Discussion # 4 SD

Medical malpractice claim is caused by professional negligence. For example, if my patient has a serious medical condition and I fail to diagnose their medical condition will be a leading cause of malpractice lawsuits. Communicating openly with patients about adverse events and seeking reconciliation are important components of medical professionalism that can also promote patient safety (Kachalia, Sands, Van Niel, Dodson, Roche, Novack, Mello, 2018).

Rising insurance premiums is a major concern that health care providers are afraid of because they can lose patients. The malpractice claim should be accounted for as a loss which will be indicated on the income statement. Besides being an inconvenience, the administrative burden placed on providers by the multitude of claims forms used by insurers adds to the overall cost of care (Anderson, Chaulk, & Fowler, 1993).

The claims can have expenses towards court fees and lawyers. A claim is formal litigation that alleges an error or omission on the part of one or more defendants, and demands compensation by money or services to claimants (Phillips, Bartholomew, Dovey, Fryer, Miyoshi, & Green, 2004). A trust fund can help pay malpractice claims.

Financial Statements for Local Governments Discussion

RUBRIC QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points:  Student failed to submit the final paper. 20 points out of 50:  The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50:  The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately.  Elements of the required response may also be lacking. 40 points out of 50:  The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples.  The answer is complete. 50 points:  The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples.  No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points:  Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points:  Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points:  References to scholarly sources are occasionally given; many statements seem unsubstantiated.  Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points:  Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented.  APA 6th Edition is used with only a few minor errors.  There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points:  Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented.  APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points:  Student failed to submit the final paper. 5 points out of 20:  The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors  10 points out 20:  The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20:  The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points:  The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points:  Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements.  The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.
GET THIS PROJECT NOW BY CLICKING ON THIS LINK TO PLACE THE ORDER CLICK ON THE LINK HERE:  https://essaybasket.com/orders/ordernow Also, you can place the order at www.collegepaper.us/orders/ordernow / www.phdwriters.com/orders/ordernow
Do You Have Any Other Essay/Assignment/Class Project/Homework Related to this? Click Here Now [CLICK ME] and Have It Done by Our PhD Qualified Writers!!

PLACE THE ORDER WITH US TODAY AND GET A PERFECT SCORE!!!

Do You Have Any Other Essay/Assignment/Class Project/Homework Related to this? Click Here Now [CLICK ME] and Have It Done by Our PhD Qualified Writers!!

Why Work With Us!!

• Tired of getting an average grade in all your school assignments, projects, essays, and homework? Try us today for all your academic schoolwork needs. We are among the most trusted and recognized professional writing services in the market.

• We provide unique, original and plagiarism-free high quality academic, homework, assignments and essay submissions for all our clients. At our company, we capitalize on producing A+ Grades for all our clients and also ensure that you have smooth academic progress in all your school term and semesters.

• High-quality academic submissions, A 100% plagiarism-free submission, Meet even the most urgent deadlines, Provide our services to you at the most competitive rates in the market, Give you free revisions until you meet your desired grades and Provide you with 24/7 customer support service via calls or live chats.