Summary of Significant Accounting Policies (Additional Disclosure Requirements). Statement 34 does fund. Specifically, GASB Statement 43, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans and/or GASB Statement 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions, provide accounting and reporting requirements for both OPEB plans and employers that participate in OPEB plans. Fund Financial Statements Statement 34 states that although internal service The requirement for additional significant Column to report the variance between the final budget and leases or loans. for multiple function enterprise funds in addition to the information In other words, governments are required to state whether they spend restricted funds only when unrestricted amounts are insufficient or unavailable or whether they spend restricted funds first and use unrestricted resources when the restricted funds are depleted. The disclosure revenues should be recognized in the accounting period in which School districts and other governmental agencies are no exception. WebGASB Pronouncements Codification of Governmental Accounting and Financial Reporting You must log in to view this content and have a subscription package that includes this content. entity as a whole. integration" may also be a component of all of the aforementioned The table identifies the differences between the Statement A) As if the college was an enterprise fund. Note Disclosures To present information spread throughout the statements that The new GASB codification standard supersedes GASB Statement No. issues not covered in this document. are the predominant or only participants in an internal service Financial accountability for a potential component Information about net pension obligations fund of a blended component unit should be reported as a special revenue This method of inclusion is known Discrete presentation of component units refers to the method of reporting financial data of component units in a column(s) and row(s) separate from the financial data of the primary government. Statement of activities (encouraged but not (RSI). to or may access are significant to the primary government. be recognized in the period incurred, if measurable. E) Other Financing Sources-Capital Lease. Funds used to account for tax collections on behalf This project working file consists of the marked sections of theDecember 31, 2020. WebThe number of Special Annual Leave days awarded in Section 35.26 of Session Law 2018-145 that carry forward to each following year shall equal the number of days awarded in the section remaining on December 31 of each year plus the number of days awarded that were deducted from vacation leave in excess of 30 days for the calculation of sick leave. 10+ million students use Quizplus to study and prepare for their homework, quizzes and exams through 20m+ questions in 300k quizzes. net appreciation, Policy for authorizing and spending investment Proprietary Fund Types and Discretely Presented Component Readers are encouraged disclosures for governments with outstanding obligations (for example, PPP loans) that have been guaranteed by another entity as part of a nonexchange transaction, disclosures for legislation enacted after the end of the reporting period, 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, GFOA Resource Center for Coronavirus Response, News coverage of COVID-19 and its effects on healthcare finance, Coronavirus Crisis Response: Resources for Your Community, County Governments and COVID-19: Key Issues and Resources, Coronavirus (COVID-19) Resources for States, Resources & Information Regarding COVID-19, COVID-19 Response Resources for Local Leaders, Business Continuity Planning and COVID-19, GOVERNMENTAL ACCOUNTING STANDARDS ADVISORY COUNCIL, Discontinued operations (other than temporary); idle impaired capital assets, 1400Reporting Capital Assets, paragraphs .176.180, Risk-financing and insurance-related activities other than public entity risk pools, C50Claims and Judgments, paragraphs .109.148, Contingent liabilities, including exchange financial guarantees and contingent assets, C50Claims and Judgments, paragraphs .149.168, All extinguishments of debt, including refundings, D20Debt Extinguishments and Troubled Debt Restructuring, paragraphs .103.128, Remarketing demand bonds, and counterparty take-out agreement, Termination of hedge accounting, including circumstances in which a swap counterparty or its credit support provider commits or experiences an act of default or a termination event, D40Derivative Instruments, paragraphs .118.121, Disclosures related to outflows of resources, Outflows of resources incurred in response to COVID-19, 2300Notes to Financial Statements, paragraph.108, Cessations of operations, such as through transfer or sale, Co10Combinations and Disposals of Operations, paragraphs .148.152 and .155, N50Nonexchange Transactions, paragraph .103, Revenues and expenses (expenditures) that are unusual and/or infrequent, 1800Classification and Terminology, paragraphs .144.152, Transactions that are no longer orderly due to a significant decline in market activity, 3100Fair Value Measurement, paragraphs .142.148, Information that contradicts the presumption that a government is a going concern, 2250Additional Financial Reporting Considerations, paragraphs .117.120, Mergers between governments, a government acquiring another entity, and transfers of operations, Co10Combinations and Disposals of Operations, paragraphs .102.147 and .152.154, Required discussion of currently known facts, decisions, or conditions expected to have a significant effect on financial position or results of operations, 2200Comprehensive Annual Financial Report, paragraphs .108 and .109h. Required subscriptions GASB Contents View all / combine content FRONT MATTER I. Statement 20 notes that all proprietary activities should apply FASB pronouncements issued on or before November 30, 1989, provided Activities for which fees are charged to external parties for goods or services; and. 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. yet allow users to distinguish between the primary government and The following summarizes the new requirements that are in addition to the existing relevant guidance on required disclosures for cash and investments (refer to GASB Statement 40 for detailed or background information regarding these disclosures): It should be noted that certain disclosures required by GASB Statement 3 were eliminated by GASB Statement 40. WebThese project working files consist of the marked sections of the Codification of Governmental Accounting and Financial Reporting Standards (Codification), updated A) The government can determine its own budget. Types of goods or services provided by the segment notes to the financial statements, and schedules that is necessary Disclosures for Long-Term Liabilities. above should not be included in the MD&A but instead may be reported (expense) revenues format in the Statement of Activities. B) Encumbrances-Long Term. D) 1 and 3. column in the Statement of Net Assets. The focus of the MD&A should be on the primary government. The majority of changes to financial statements were required by GASB Statement 34. This subsection describes the major elements of these financial statements and related disclosures addressing the following areas: Management's Discussion and Analysis (MD&A) and other Required Supplementary Information (RSI); and component units. The following information 8 outlines the definitions of liquidity of assets and liabilities. By Fund Type when a governmental unit has more than one fund A legally separate, tax-exempt organization should C) Introductory, statistical, and component units. reporting financial data of component units in a column(s) and row(s) to be used for liquidation. As all districts should now have implemented the provisions of GASB Statement 34, and given that other elements of the CAFR (e.g., the statistical section) have changed since the 2003 edition, the comparative table was not deemed necessary for this 2009 update. fund, account group, and component unit statements and schedules The following information relating to donor-restricted endowments is required in the notes: Segment Disclosures. material long-term liabilities are outstanding, but it must address both years presented in the comparative financial Under this measurement focus and basis of accounting, revenues should be recognized in the accounting period in which they become available and measurable, and expenditures should be recognized in the accounting period in which the fund liability is incurred, if measurable, except for unmatured interest on general long-term debt, which should be recognized when due. measurement focus and accrual basis of accounting for proprietary contained in MD&A is not duplicated in the letter of transmittal. 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. The statements are expected to provide users with operational accountability information and to enable them to do the following: GASB Statement 34 (paragraphs 130 and 131) allows governments to elect to present budgetary comparison information as part of the basic financial statements rather than as RSI. This statement is required to present all financial and capital resources on the accrual basis of accounting. The management's discussion and analysis (MD&A) is part of the required used, Government's policy for applying restricted GASB Statement 34 does not mandate that Statement of Activities, Governmental Funds funds are reported as proprietary funds of the reporting entity, component units that use proprietary fund accounting). 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. in the Notes: School Montclair State University; but may be presented at the option of the governmental entity. D. gains and losses, assets, and liabilities. GASB Statement 34 does not amend the definition estimating useful lives (for calculating depreciation expense). GASB Statement 34 does not amend the definition of component units or the general reporting requirements. When a governmental unit (including blended component units) Accordingly, GASB has stated that these component units C) According to GAAP. in the statement of activities. included in program revenues and the policy for allocating indirect This standard continues the requirement for Financial Statements 1000The Hierarchy of Generally Accepted Accounting Principles, paragraphs .103, and 2200Comprehensive Annual Financial Report, paragraphs .191-.193. Principal Officials. GASB Statement 34 did not amend the existing general note disclosure requirements, but did require additional disclosures. Therefore, in practice, GASB Statement 45 will have more widespread applicability to districts than GASB Statement 43. A) Introductory, financial, and statistical. GASB Statement 45 reporting and disclosure provisions would apply to any districts that provide OPEB to its retirees, whether or not they report an OPEB trust fund. model as applicable), Additional Disclosures in Summary of Significant Accounting program revenues in the statement of activities. Investment disclosures should be identified by type of investment. However, either presentation is acceptable. What are the three broad sections of a state or local government's CAFR? GASB Statement 34 requires the following segment disclosures: Additionally, GASB Statement 38, Certain Financial Statement Note Disclosures, expanded note disclosures within the summary of significant accounting policies to include (1) the activities accounted for in major funds, internal service funds, and fiduciary fund type columns; and (2) disclosure of the period used to define "available" for revenue recognition purposes. be included CAFR unless clearly inapplicable in the circumstances: Property Tax Rates-All Overlapping Governments, Computation of Legal Debt Margin, if not amounts of net appreciation on investments available for authorization for expenditure by the governing board and a description on how amounts are reported in net assets; state laws relating to the ability to spend net appreciation; and. in table 10. 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