Accounting and Reporting for Public Colleges …公立大学会计和报告u2026.pdfVIP

Accounting and Reporting for Public Colleges and Universities 2012-2013 NACUBO Intermediate Accounting Objectives • Upon completion of these materials, you will be able to – Comprehend the reporting and recognition guidance for information included in public CU financial reports – Identify the primary financial statement in public C U financial reports – Describe the characteristics and purposes of public CU financial statements and related information – Identify how to read and understand public CU financial reports 1 Format • Recognition – Specific GAAP guidance • Reporting – Requirements for information • Display – Review and discuss financial statements • Disclosure – Overview of required discussion/presentation Recognition • GASB organized 1984 – Companion to FASB – Initially addressed state and local government guidance – GAAP hierarchy outlined GASB No. 55 • Reporting entity GASB No. 14 – First to address CU display • Compensated Absences GASB No. 16 – Vacation, sick and other costs - sabbatical ? • Grant revenue recognition GASB No. 24 2 Recognition continued • Investments and investment pools reported using fair value GASB No. 31 • Nonexchange transactions GASB No. 33 – Derived tax revenues I.e., sales tax or income tax – Imposed tax revenues I.e., property tax – Government mandated I.e, gov’t grants – Voluntary nonexchange transactions I.e, gifts, contributions, pledges Voluntary Nonexchange • Gifts – In