What is a measurement focus?
Measurement focus tells you what to record in the financial statements. There are two basic measurement focuses used - current financial resources and economic resources. A basis of accounting tells you when a transaction is recorded in the financial statements. There are two basics basis of accounting - modified accrual basis of accounting and accrual basis of accounting. This video reviews the relationship of measurement focus and basis of accounting and the differences between GAAP financial statements and a CAFR.
Warren Ruppel, CPA
Marks Paneth LLP
- Managing director with CBIZ Marks Paneth, part of a Top Ten accounting firm
- Author of CCH’s Knowledge-Based Audits of Not-for-Profit Organizations; Wiley’s Not-for-Profit Accounting Made Easy; and Not-for-Profit Audit Committee Best Practices
- Former assistant comptroller of accounting for the city of New York, with overall responsibility for the city’s accounting and financial reporting
- Served numerous public sector not-for-profit and government audit clients earlier in his career with KPMG and Deloitte & Touche
- Former board member and chair of the audit committee of the New York State Society of CPAs
- Appears quarterly as the government specialist on the CPA report distributed by SmartPros
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