SummaryofGovernmentalAccountingStandardsBoard.docVIP

Fifty-Third County Auditors Institute sponsored by Lyndon B. Johnson School of Public Affairs, The University of Texas at Austin in cooperation with Texas Association of County Auditors Tuesday May 3, 2011 FUND BALANCE REPORTING, GOVERNMENTAL FUND TYPE DEFINITIONS AND OTHER RELATED ISSUES - GASBS NO. 54 Presented By: John T. Reynolds, CPA FUND BALANCE REPORTING, GOVERNMENTAL FUND TYPE DEFINITIONS AND OTHER RELATED ISSUES GASBS NO. 54 CONTENTS Page Introduction ………………………………………………………….. 4 Background ………………………………………………………….. 4 New Fund Balance Classifications ………………………………….. 6 Comparison of Previous and New Fund Balance Classifications …… 8 Stabilization Arrangements ………………………………………….. 10 Establishing A Fund Balance Policy ………………………………… 11 Appropriated Fund Balance………………………………………….. 12 Governmental Fund Definitions……………………………………... 13-14 Encumbrances ………………………………………………………. 14 Required Disclosures ……………………………………………….. 15-17 The Ever Changing Conceptual Framework ……………………….. 17-21 Recommendations ………………………………………………….. 21-23 Implementation Preparation ……………………………………….. 24 Conclusion ………………………………………………………… 25-26 References …………………………………………………………… 27 Appendix “A” – GASB Questions and Answers ……………………. 28-33 Appendix “B-1” – Old Fund Classifications ………………………… 34 Appendix “B-2” – New Fund Classifications ……………………….. 35 Appendix “C” – Examples of Analysis of Beginning Fund Balances ………………………………………. 36-37 Appendix “D” – Development of Governmental Accounting Conceptual Frame Work ………………………. 38-49  This Page Intentionally Left Blank FUND BALANCE REPORTING, GOVERNMENTAL FUND TYPE DEFINITIONS AND OTHER RELATED ISSUES GASBS NO. 54 Introduction The Governmental Accounting Standards Board (GASB) issued Governmental Accounting Standards Board Statement (GASBS) No. 54, Fund Balance Reporting and Governmental Fund Type Definitions, in February 2009, with an implementation date of fiscal years beginning after June 15, 2010 for all governmental reporting entities. Statement 54