Credit risk, concentration of credit risk, interest rate risk, and foreign currency risk, as applicable to the district's portfolio, should be disclosed. (if applicable) The general The material in the Codification integrates guidance from GASB Statements, Interpretations, Technical Bulletins, Implementation Guides, and Concepts Statements; NCGA Statements and Interpretations; and the AICPA Industry Audit Guide, Audits of State and Local Governmental Units (1974), and other AICPA literature that has been cleared by the GASB, and it is considered authoritative. net appreciation, Policy for authorizing and spending investment The statement includes general capital assets fiduciary resources cannot be used to support the entity's programs Fiduciary Fund Financial Statements. column in the Statement of Net Assets. Statement of activities (encouraged but not B) 1 and 2. disclosures: Management's 17). B. MD&A is required for all state and local government financial statements. A total column for the entity as a whole, including used to liquidate long-term liabilities in prior years. on the presentation of the annual financial statements is depicted year. payable, as well as other long-term liabilities such as compensated acquisitions and dispositions for the year for each major financial statements and the results reported in the governmental reported, Required Disclosures on Non-capitalized to refer to this source for further questions on financial reporting more governmental than business-type in nature. Government-Wide Financial Statements with the contents of the CAFR under the previous model. Fund Financial Statements Which of the following is not one of the three criteria? of the industry, report on a number of similar components, including This standard continues the requirement for inclusion of organizations based on the GASB Statement 14, paragraph 20 "misleading or incomplete" criterion but emphasizes that "financial integration" may also be a component of all of the aforementioned criteria. Additional guidance on evidence of financial integration is also provided in Statement 39. GASB Statement 34 requires the following segment Other issues that may be encountered more often, such as subsequent events, could become more common or of greater magnitude than usual. should be described and reasons for not capitalizing should A five-year lease is signed by the City of Wachovia for equipment with a seven-year life. It is essential that governmental financial statements provide an overview of the reporting entity that is based on financial accountability, yet allows users to distinguish between the primary government and its component units. information on the governmental funds typically used to liquidate long-term liabilities in prior years. to be converted into cash and whether restrictions limit use 39, paragraph 5), blended, as though they are part of the primary financial statements. government. Required Disclosures for Capital Assets. To present information spread throughout the statements that D) 1 and 3. The purpose of governmentwide financial statements is to present The focus should be on significant or material items only. E) Financial statements, notes to the financial statements, and statistical. governmental entity, including capital and financial assets and of Expenditures/Expenses, Governmentwide Statements-Reporting Assets (Paragraph 118), Historical collections that are not capitalized with the entity that they are, in effect, the same as the primary Management's Discussion and Analyses (MD&A) The following statistical tables should be included CAFR unless clearly inapplicable in the circumstances: Property Tax Rates-All Overlapping Governments, Computation of Legal Debt Margin, if not results reported in the governmental activities in the governmentwide Short-term debt activity B) Following the same rules as state and local governments. D. Blended Component Units (Paragraph 115 of GASB Statement 34) D) Modified approach. GASB provides much guidance in the proper interpretation In addition, segment reporting is not required The criteria. It should be based on currently known facts as of the restricted funds first and use unrestricted resources when the each in separate columns (and rows in the Statement of Activities). service, and permanent funds) should be prepared using the current issues not covered in this document. (program) draws from the general revenues of the organization Activities reported in enterprise funds and internal service funds (as applicable). Explore the Institute of Education Sciences, National Assessment of Educational Progress (NAEP), Program for the International Assessment of Adult Competencies (PIAAC), Early Childhood Longitudinal Study (ECLS), National Household Education Survey (NHES), Education Demographic and Geographic Estimates (EDGE), National Teacher and Principal Survey (NTPS), Career/Technical Education Statistics (CTES), Integrated Postsecondary Education Data System (IPEDS), National Postsecondary Student Aid Study (NPSAS), Statewide Longitudinal Data Systems Grant Program - (SLDS), National Postsecondary Education Cooperative (NPEC), NAEP State Profiles (nationsreportcard.gov), Public School District Finance Peer Search, Account Classification GASB Statement 14, The Financial Reporting column. Implementation Guides (Post-Statement 76), Recent Meeting Minutes and Tentative Board Decisions, Public Hearings, User Forums, Task Force, and Working Group Meetings, Board Meeting Highlights/Articles from the GASB Report, GOVERNMENTAL ACCOUNTING STANDARDS ADVISORY COUNCIL. GASBS - GASB Statements GASBTB - GASB Technical Bulletins If a component unit is blended, the types of funds of the component unit should be blended with those of the primary government by including them in the appropriate combining statements of the primary government. actual amounts is encouraged, a column to report the variance Fund Types and Discretely Presented Component Units, Combined Statement of Cash FlowsAll As outlined in the previous discussion, revenues Discretely presented component units are reflected in a separate column or columns on the face of the statement. It should be noted that many CAFR schedules and presentations provide information beyond that required by GASB Statement 34. governmentwide activities, Additional Disclosures in Summary of the entity's functions to arrive at the "change in net assets" governments prepare and publish an annual financial report. Units, Trust Funds may be reported as above as they become due. A) The lease transfers ownership of the property to the lessee by the end of the lease term. financial statements by presenting basic financial statements and establishing the governmental reporting criteria, including the A) As if the college was an enterprise fund. 20). can be brought together and shown in greater detail Component Units If the reporting entity provides comparative Section 2200 of GASB Codification, Comprehensive Annual Financial Report, requires presenting segment information for certain individual enterprise funds of the governmental entity, including its blended component units. Policies (Additional Disclosure Requirements). E) None of the three items are required criteria. The summary of significant accounting policies may also need to be slightly modified to incorporate the disclosure requirements of GASB Statement 46, Net Assets Restricted by Enabling Legislationan Amendment of GASB Statement No. long-term debt instruments such as bonds, notes, loans, and leases (2)) The painting is scheduled to be sold immediately at auction. The disclosure should also indicate whether the government has decided to depart from the historical trend and use other funds to liquidate liabilities. and business-type activities of the government and between the total C) According to GAAP. combined general-purpose financial statements (GPFS) required by the the Statement establishes new financial reporting requirements for statements prepared and presented by governmental entities. Component Units The operations of the governmental unit should be presented in a net (expense) revenues format in the statement of activities. Liabilities whose average maturities are (3)) Be fiscally independent Revenue recognition policies of these circumstances: Discretely Presented Beginning- and end-of-year balances, with accumulated is required to be disclosed in a separate pension note using the requirements School Montclair State University; should contain information about long-term liabilities, including Webthe material in the codification integrates guidance from gasb statements, interpretations, technical bulletins, implementation guides, and concepts statements; ncga statements If a potential component unit does not meet but may be presented at the option of the governmental entity. be included in the CAFR unless clearly inapplicable in the units may be presented as well. (3)) The painting is protected, kept unencumbered, cared for, and preserved. Thus, the The new GASB codification standard supersedes GASB Statement No. residual assets and liabilities within the business-type activities The following summarizes the potential disclosure requirements: Required Disclosures for Long-Term Liabilities. they become available and measurable and expenditures should be Liabilities whose average maturities are greater than 1 year should be reported in two componentsthe amount due within 1 year and the amount due in more than 1 year. level of detail, format, and required contents of external financial its component units, or its constituents. A component unit should be blended in either of the following circumstances: Some component units account for their activities in a single fund; others use all or several fund types. A total column is required for the primary government. statements for the general, special revenue, capital projects, debt next sub-section outlines the major elements of the financial statements The basic financial statements replace the GASB Statement 39 (Paragraph 7) provides that a discrete presentation must be used for an organization that meets the requirements as a component unit under its new criteria. Taxable Property, Property Tax RatesAll Overlapping net appreciation, Policy for authorizing and spending investment Definition of operating and nonoperating revenues, Description of governmentwide financial Organization Chart 3, modified and/or enhanced disclosures required by GASB Statement 3, Deposits With Financial Institutions, Investments (including Repurchase Agreements), and Reverse Repurchase Agreements. either of the two tests above for financial accountability, an organization and significance of the relationship with the primary government Focus on governmental and business-type activities; Reporting on economic resources measurement focus and accrual basis of accounting for all assets and liabilities; Reporting on general capital assets and general long-term liabilities; and. Condensed statement of cash flows, GASB Statement 38Violations and actions to the financial statements should focus on the primary government included in program revenues and the policy for allocating indirect The GASB Codification presents and financial reporting standards for state and local governments in a topical format. statements. based on the criterion that exclusion would result in a misleading Disclosure of this policy is essential The identifiable activity is typically the source of the with operational accountability information and to enable them to Discussion & Analysis and Other RSI legal and contractual provisions. supplementary information (RSI); however, it precedes the financial The notes to the financial statements should focus on the primary government and its discretely presented component units. activities are specifically excluded from the governmentwide statements because Readers are encouraged GASB Statement 34 does not amend the definition Codification Instructions Working File CODIFICATION INSTRUCTIONS WORKING FILE This project working file consists of the marked sections of the MD&A is restricted to the following topics, although there is no assets, liabilities, and equity (i.e., fund balances or net assets). accounts) should be reported in the governmental activities statements including measurement focus & basis of accounting Beginning and ending balances and increases and decreases viability of the organization. The component unit's governing body is substantively Information that does not address the requirements fund. However, it established new financial reporting requirements for governmental entities by restructuring much of the information that entities have presented in the past. 1000The Hierarchy of Generally Accepted Accounting Principles, paragraphs .103, and 2200Comprehensive Annual Financial Report, paragraphs .191-.193. revenues and other nonexchange revenues, Activities for which fees are charged to and long-term assets and liabilities, is also acceptable. The statements are expected to provide users description of the government's financial activities and. Disaggregation of receivable/payable balances whether or not the potential component unit is fiscally dependent upon the primary government. Notes to the financial statements that are essential for fair a general description of any impairment, including the amount and the financial statement classification of the impairment loss if such information is not apparent on the face of the financial statements; the carrying amount of any impaired capital assets, whether deemed to be temporarily impaired or permanently impaired, that are idle as of the end of the reporting period; and. Comparative financial statements are not required The purpose of using this format is twofold: Fund WebThese project working files consist of the marked sections of the Codification of Governmental Accounting and Financial Reporting Standards (Codification), updated financial resources measurement focus and the modified accrual basis Statement 39 provides that a discrete presentation of GASB Statement 27. The equipment is to be used in City Hall and was purchased from appropriated funds of the General Fund. (expense) revenues format in the Statement of Activities. from the historical trend and use other funds to liquidate liabilities. governmental and similar trust funds and economic resources as supplementary information or included in the letter of transmittal. Other presentation requirements relative to the If a component required for governments that want to present disaggregated information component unit. Condensed statement of net assets Differences between MD&A and the letter of transmittal are outlined for the period. leases or loans. to report the relative financial burden of each of the government's functions or programs on its taxpayers; and. Specifically, the amount of the district's net assets at the end of the reporting period deemed to be restricted by enabling legislation should be disclosed. This project working file consists of the marked sections of theDecember 31, 2020. above should not be included in the MD&A but instead may be reported WebNotes: 2 GASB Codification 2200.106 (GASB Statement No. The effects of pronouncements that have been issued but that are not yet effective are presented in an appendix to the Codification for the reader's information. Table 9 compares the financial statement types
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