[Anonymous]

Hey everyone, I am about done studying for FAR but just have one quick question. I know in governmental accounting, whenever money leaves the general fund, it is usually accounted for as an expenditure or interfund transfer. If the general fund (or any other governmental fund for that matter) has a “purchase” from the internal service fund, is it accounted for as an expenditure or an interfund transfer? I know that the internal service fund accounts for it as a revenue as opposed to other financing sources so I think maybe it’s an expenditure? Please let me know because I can’t find the answer anywhere. Thanks!

[jags2899]

If the general fund were to purchase services from the internal services dept I believe it would be a DR: Expenditure

AUD--Passed
FAR--Passed
REG--Passed
BEC--Passed

[Anonymous]

It is definitely an expenditure. However, remember that these inter-fund transactions will be eliminated for the government-wide financial statements.

[Anonymous]

Thank you both very much. Yes everything gets eliminated except the transactions with the fiduciary funds, correct?

[Anonymous]

hi fellas!

I am confused about the unearned gain on the sales-lease back under US GAAP and IFRS. I have established for IFRS it is always Selling Price- Carrying Value. I cant come up with a US GAAP working for the unearned gain is it the PV of MLP- Selling Price!

Please help

Thanks

[Author]

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