Note X – Unique and Unusual Transactions

Download this manual as PDF

Note X – Unique and Unusual Transactions

A template for this note is not available. See “Instructions to preparer:” for various disclosures that may be required.

Instructions to preparer:

Intergovernmental Assistance Programs

Current authoritative pronouncements do not require disclosure of specifics of intergovernmental assistance programs, but if a participation in such programs is considered a material part of the city/county/district operation, note disclosure is suggested.

In the note provide:

  • description of a program,

  • amounts of grants, entitlements or shared revenues,

  • description of program requirements and provisions (i.e., cost sharing or matching requirements, etc.).

Other

Please refer to GASB Statement 62, Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements for disclosure requirements for government-wide and proprietary funds financial statements pertaining to:

  • Construction-type contracts by governments engaged in the contracting operations (paragraph 116).

  • Debt that is extinguished through a troubled debt restructuring (paragraphs 147 and 162).

  • Foreign currency transactions (paragraphs 170 and 171).

  • Receivables and payables that represent contractual rights to receive money or contractual obligations to pay money on fixed or determinable dates (notes), whether or not there is a stated provision for interest (paragraph 187).

  • Nonmonetary transactions (paragraph 280).

  • Research and development arrangements (paragraph 384).

  • Broadcasters and cable television systems (paragraphs 385-399).

  • Insurance entities other than public entity risk pools (paragraph 429).

  • Lending activities (paragraphs 431-451).

  • Mortgage banking activities (paragraphs 473 and 474).

Please refer to GASB Statement 62, Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements for additional disclosure requirements for business-type activities financial statements pertaining to:

  • Real estate sales (paragraph 330).

  • Regulated operations that met certain criteria in paragraph 476.