CHECKLIS OF GASB#3435 CHANGES TO THE INSTITUTIONAL FINANCIAL.doc

The following are items to be checked and completed for year-end closing to ensure that the financial statements are properly stated in accordance with GAAP as re-defined by GASB Statements 34 and 35. This Checklist is not an all-inclusive list of the work to be performed in completing the complex task of generating financial statements. Rather, it is intended to serve as a tool providing general guidance and should be used in combination with other available tools. This and any other tool must be used in the context of professional judgment and expertise. The following financial statements must be prepared in accordance with Higher Education Accounting Standard #1, Basic Accounting Reporting Structure. STATEMENT OF NET ASSETS Refer to Higher Education Accounting Standard #17 for more detail. Assets Must be categorized as current or non-current at year-end. If immaterial, the non-current portion of some assets may be reported as “Other Assets” rather than as separate lines. Assets eligible for this treatment are identified below. Cash Cash Equivalents Must include only unrestricted cash and cash equivalents in the current portion of the asset. Refer to Higher Education Accounting Standard # 7 for definition of distinction between restricted and unrestricted. Must adjust on COFRS at year-end per COFRS Accounting Model YE9. Investments Must include only unrestricted investments in the current portion of the asset. Refer to Higher Education Accounting Standard # 7 for definition of distinction between restricted and unrestricted investments. Must adjust on COFRS at year-end per COFRS Accounting Model YE9. Student Accounts Receivable, Net Must be categorized as current and non-current at year-end. Other Accounts Receivable, Net Must be categorized as current and non-current at year-end. Inventories Prepaid Expenses Must be categorized