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GASB 54 Implementation Lessons Learned

GASB 54 Implementation Lessons Learned. State of Alaska Lisa Pusich. Getting Started. Established workgroup Met weekly and assigned research areas as determined necessary Engaged our Division of Legislative Audit in the discussions early

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GASB 54 Implementation Lessons Learned

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  1. GASB 54 ImplementationLessons Learned State of Alaska Lisa Pusich

  2. Getting Started • Established workgroup • Met weekly and assigned research areas as determined necessary • Engaged our Division of Legislative Audit in the discussions early • Obtained concurrence on fund classification and fund balance classification

  3. GASB 54 Fund Reclassification • General Fund • Permanent Funds • Special Revenue Funds • Debt Service Funds • Capital Projects Funds

  4. GASB 54 Classifications See Attachment #1

  5. Stabilization Funds • Constitutional Budget Reserve Fund • Statutory Budget Reserve Fund Failed Criteria: • Subject to controls that dictate the circumstances under which stabilization funds may be spent • Not expected to occur routinely

  6. GASB 54 Fund Balance Subcategories • Debt Service • Education • Health & Human Services • Public Protection • Permanent Fund • Development • Other Purposes See Attachment #2

  7. System Changes • Added codes to each fund to identify the classification for each governmental fund • Main Category (GASB 54 Fund Balance Classification) • Subcategory (State defined) • Did not change fund balance accounts within the accounting system

  8. Mapping • FY 2009 Fund Balance Classifications were recast for GASB 54 Presentation • Visual of the end product • Spreadsheets utilized as shell for FY 2010 workpapers • Provided to Division of Legislative Audit • Methodology reviewed in advance rather than during the time crunch of the audit process

  9. SONA • Additional mapping was necessary to ensure there was a crosswalk between the new fund balance subcategories to the restricted Statement of Net Assets (SONA) classifications.

  10. Notes • Summary of Significant Accounting Policies (Note 1) • Fund Balance Components • Commitments and Contingencies (Note 12)

  11. Encumbrances • The following shows encumbrances within the restricted and committed fund balances of the governmental funds for the fiscal year ended June 30, 2010 (in thousands):

  12. Contact Information • Lisa Pusich, State Accountant lisa.pusich@alaska.gov(907) 465-5616 • Tara Jeans, Accounting Services Supervisortara.jeans@alaska.gov(907) 465-5608 • FY 2010 CAFR http://fin.admin.state.ak.us/dof/financial_reports/cafr_toc.jsp

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