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4/2/2014 8:15:26 AM
 
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Section 5: OPA Board Subject: COPE Golf Petition? Msg# 881708
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Gene, yes it does and thank you. I was wondering if OPA is using modified accrual-based accounting. Your answer clarified that it does not.
What prompted me to ask is the following. The most recent Financial Report of the US Government prepared by the Treasury Department deemed to be using “modified cash basis” not the “accrual basis” sanctioned by the SEC for the private sector. Those in the acct profession know the key differences in any entity's accountability between the accrual and cash bases systems, or modified. And this is why Australia and New Zealand adapted public sector accrual acct instead. The same countries achieved first and second ranking in the Sovereign Fiscal Responsibility Index while US ranked 28th. Little of the subject but your elaborate discussion on "depreciation" made me conclude you might be interest in this. Thanks and regards, Slobodan |
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For reference, the above message is a reply to a message where: Slobodan OPA follows GAAP which is an accrual based accounting system. GAAP is "mandated" for non-governmental entities issuing publicly audited financial statements. GAAP is the private sector's rules of accounting that - hopefully - keeps the federal and state governments from becoming the exclusive sources of accounting rules for the private sector. However, you can be certain that there are many government agencies that have strong influences on GAAP such as the Securities and Exchange Commission, etc. Hope this answers your question. If not, let me know. Gene
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