ppt课件-gasb34implementationandotherfinancialreportingissues.pptVIP

GASB 34 Implementation and Other Financial Reporting Issues August 23, 2002 Ren E. Wiles Preeta Nayak GASB 34 FYE 6/30/2002, 28 BOEs will be using the new financial reporting model. 88 BOEs to implement GASB 34 in the 2002-2003 fiscal year. BOEs implementing this year What is GASB 34 and what does it mean to me? Measuring what it costs to run the entire school operation, rather than “What resources do I have for the next fiscal year?” To those of you in Phase 1… What have you learned that you wish someone had told you before you got into this? Overview of Changes Financial statements under GASB 34 will apply full accrual accounting to governmental funds. Infrastructure will be recognized. GFAAG GLTDAG will be gone. Depreciation will be taken as an expense on all depreciable assets. Continued The cost of services/programs will be disclosed. Program expenses will be shown on the Statement of Activities. Revenues directly related to the program will be matched. Unmatched revenues will be reported as General Revenues. What to expect this first year.We expect that… This has not had/will not have a tremendous impact on your day-to-day accounting. PREPARING to present on GASB 34 basis has been/will be a time consuming processes. Phase 2 Boards, make friends with the Phase 1 BOE most like your own. How will this affect NC Boards of Education? What level of expenses will you show? GASB Statement 34, paragraphs 39 40 Detail should match what is shown on statement of revenues, expenditures changes in fund balance. Should at least be by Function. Show more detail is it improves usefulness. The “A” word. Stands for Allocation Certain expenses should be matched to the function they support. Employee Benefits Depreciation Capital Outlay Employee Benefits Allocate the expenses in the 5900 and 6900 purpose codes. 5910 5920 sub-purpose codes should be allocated to the appropriate function. Look to your information technology staff. Can they extract the i