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GASB #34 – Annual Financial Report. What you need to know Presented by: Bonnie L. Kabonick, Chief LECS Comptroller’s Office School Finance Division [email protected] Mary Kay Beer, Chief LECS Comptroller’s Office School Accounting Section [email protected] FYI.

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Gasb 34 annual financial report

GASB #34 – Annual Financial Report

What you need to know

Presented by:

Bonnie L. Kabonick, Chief

LECS Comptroller’s Office

School Finance Division

[email protected]

Mary Kay Beer, Chief

LECS Comptroller’s Office

School Accounting Section

[email protected]


FYI

  • With the implementation of Phase II, there will be over 400 LEAs using the

    new reporting model

  • Early implementation is encouraged

  • Schools required to implement in Phases I & II will not be given access to the “traditional” AFR reporting package

  • Schools that do not complete the package in compliance with the new reporting model will have their files returned and will be considered not filed


Required reporting
Required Reporting

  • MD & A – separate reporting method

  • Basic Financial Statements (BFS) –prepared using Access database

  • Schedules - prepared using Access database

  • Revenue and Expenditures – prepared using Access database

  • Note Disclosures to the Financial Statements – separate reporting method

  • Package will be available on the web


A look at the statements
A Look at the Statements

  • Two Government Wide Statements

    • Statement of Net Assets

      (Government Wide)

    • Statement of Activities

      (Government Wide)

      Report financial data using the full Accrual basis of Accounting


Old and new statements
Old and New Statements

  • Fund Financial Statements

    • Similar to traditional statements

    • Reported using the modified accrual basis

    • Presented using the Major and Non Major fund criteria

  • Reconciliation Statements (2)

    • Provide a link from Fund Financial Statements to Government Wide Statements


Old and new continued
Old and New (continued)

  • Budget and Actual Statement – additional column that reports Final budget

  • Statement of Net Assets

    • Proprietary Funds – reported using the full accrual basis of accounting and the Major and Non Major criteria

    • Internal Service fund presented separately


Old and new continued1
Old and New (continued)

  • Statement of Revenues, Expenses and Changes in Fund Balance – reported using the Major and Non Major criteria

  • Statement of Cash Flows – reported using the Major and Non Major fund criteria


More statements
More Statements

  • Statement of Cash Flows –

    Presented using the Major and Non Major criteria – accrual basis

    Internal Service fund reported as a separate column

  • Statement of Net Assets – Fiduciary Funds

  • Statement of Changes in Net Assets – Fiduciary Funds


Important information
Important Information

  • LEAs must report non current assets and liabilities on the government wide statements. A validation has been built into the database to check for accurate reporting.

  • The Reconciliation Statements must be completed. A validation will check that this Statement is completed.


What else should i know
What else should I know?

  • You may still use the DFL to load your revenues and expenditures

  • Revenues and Expenditures will still roll up to the appropriate Statements

  • Refer to the Major Fund Determination worksheet for the formula to identify Major funds


Where can i get help
Where can I get help?

  • The Comptroller’s website:www.pde.state.pa.us/school_acct

  • The GASB website:www.gasb.org

  • The PASBO website:www.pasbo.org

  • Various reference books including the GAAFR, and the Manual of Accounting and Financial Reporting for PA Public Schools (available on the Comptroller’s web site).


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