Government and Not-for-Profit Accounting, 7th Edition

The Problem This Book Solves

Government and not-for-profit accounting presents a unique set of challenges that differ fundamentally from for-profit financial reporting. Students and professionals alike struggle to grasp the distinct principles of fund accounting, budgetary reporting, and compliance with GASB standards. This 7th edition of Government and Not-for-Profit Accounting: Concepts and Practices directly addresses that gap by offering a clear, practice-oriented framework that bridges theory and real-world application.

The authors — Michael H. Granof, Saleha B. Khumawala, Thad D. Calabrese, and Daniel L. Smith — bring decades of academic and professional expertise to demystify governmental and nonprofit financial management. Whether you are a student preparing for a career in the public sector or a practitioner seeking a reliable reference, this book equips you with the conceptual tools and practical techniques needed to succeed.

What Is Government and Not-for-Profit Accounting? A Complete Overview

Government and Not-for-Profit Accounting: Concepts and Practices is a comprehensive textbook that introduces the core principles and procedures used in state and local government, federal agencies, and nonprofit organizations. Published by John Wiley & Sons, Inc. in 2015, the 7th edition continues the legacy of a trusted resource that has shaped accounting education for years.

The book covers essential topics such as fund accounting, budgetary accounting, financial reporting standards under GASB and FASAB, and the unique challenges of measuring performance in non-business entities. It emphasizes the dynamism of the field, reflecting the latest pronouncements and practical issues faced by accountants in these sectors.

Who Should Read Government and Not-for-Profit Accounting?

This textbook is designed for undergraduate and graduate students enrolled in courses on governmental and nonprofit accounting. It also serves as an invaluable desk reference for accountants, auditors, and financial managers working in or with public sector and nonprofit organizations.

Specifically, it is ideal for:

• Accounting majors taking a required course in government/nonprofit accounting
• Practitioners transitioning from for-profit to public-sector accounting roles
• Finance professionals in nonprofit organizations seeking to improve financial reporting
• Auditors who need a solid grounding in GASB and FASAB standards
• Students preparing for the CPA exam which includes governmental accounting content

6 Key Things You Will Learn

After studying this book, readers will be able to:

1. Understand the environment and objectives of government and not-for-profit accounting, including the role of GASB and other standard setters.
2. Apply fund accounting principles to governmental funds, proprietary funds, and fiduciary funds.
3. Prepare and interpret budgetary accounting entries and reports, including the legally adopted budget.
4. Analyze financial statements prepared under GASB Statement No. 34 and subsequent amendments, including government-wide and fund-level statements.
5. Recognize the unique accounting issues for not-for-profit organizations, such as contributions, pledges, and net asset classifications.
6. Assess the current trends and challenges in public-sector financial management, including performance measurement and financial sustainability.

Why Government and Not-for-Profit Accounting Outperforms Every Alternative

While other textbooks offer an overview of the subject, the 7th edition stands out for its balanced treatment of both concepts and practices. The authors combine clear explanations of theory with extensive real-world examples, case studies, and end-of-chapter exercises that reinforce learning.

Compared to alternatives like Freeman and Shoulders’ Governmental and Nonprofit Accounting, this text places greater emphasis on the conceptual framework and the rationale behind accounting standards, making it easier for students to apply principles to new situations. The inclusion of practice sets allows learners to form a new government or not-for-profit organization from scratch — a hands-on advantage that competitors often lack.

Furthermore, the author team’s deep expertise — Granof is a renowned scholar in government accounting, and Khumawala, Calabrese, and Smith are active researchers and practitioners — ensures that the content is both academically rigorous and practically relevant.

Author Authority & Publisher Credibility

Michael H. Granof is a professor at the University of Texas at Austin, widely recognized as a leading authority on government and not-for-profit accounting. Saleha B. Khumawala, Thad D. Calabrese, and Daniel L. Smith are respected scholars with extensive teaching and research experience in public financial management. Their collective expertise guarantees that the book reflects the latest thinking and best practices.

John Wiley & Sons, Inc. is a premier academic publisher known for high-quality textbooks in accounting and finance. The 7th edition (2015) has been used in hundreds of universities worldwide, a testament to its trusted status in the field.

Is Government and Not-for-Profit Accounting Worth It? Our Verdict

For any accounting student or professional who needs to master the unique aspects of government and not-for-profit financial reporting, this book is an essential investment. It provides the depth and clarity necessary to navigate complex standards while remaining accessible to those new to the subject.

The 7th edition remains current enough for classroom use — especially given that many courses still adopt it — and its focus on foundational concepts ensures longevity. The combination of conceptual grounding, extensive examples, and practice opportunities makes it a superior choice compared to more superficial or overly complex alternatives.

Get Government and Not-for-Profit Accounting — Master Public-Sector Financial Reporting

Whether you are a student required to master governmental accounting for your coursework or a professional seeking a reliable desk reference, the 7th edition of Government and Not-for-Profit Accounting: Concepts and Practices delivers the knowledge and skills you need. With Wiley’s trusted reputation and the Granof author team’s expertise, this book is your definitive guide to understanding the financial dynamics of public and nonprofit organizations.

Add to cart today and build the expertise to confidently handle government and not-for-profit accounting challenges.