Community College Internal Auditor’s Fall Conference October 4, 2012. Community College’s Budget and Accounting manual 2012 edition. Prepared by Heidi E. White, CPA VAVRINEK, TRINE, DAY & CO., LLP. Who is Responsible for Updates and Changes? Why Did the BAM Change? What Was Changed?
October 4, 2012
Prepared by Heidi E. White, CPA
VAVRINEK, TRINE, DAY & CO., LLP
Why Did the BAM Change?
What Was Changed?
What was Added
When is it Effective?Key Components to the 2012 edition
To Bring Clarity to Accounting Standards State Chancellor’s Office
Provide Consistent Direction to District Personnel
Update Prior Direction to Conform with Current Accounting Guidance
To Give the Fiscal Standards Committee a Project to focus on
All of the AboveWhy did the BAM Change?
Chapter 6 – Governmental Account And Reporting - - All new information within the Budget and Accounting ManualWhat has been added?
By placing this in the Budget and Accounting Manual, the emphasis is that the external reporting of the Community College Districts under GASB Statement 35 is the responsibility of the District not the external auditors.
The specific guidance includes discussions related to . . . . .What has been added?
Required Supplementary Information
Reconciliations of Governmental (modified accrual) Statements to the Entity-Wide (full accrual) Statements
Typical consolidation and Conversion Entries for financial statement reportingWhat has been added?
Subject Index model.
Common Categorical Restricted Programs for both Federal and State
Reference to pertinent Fiscal and Legal Advisories
New reference to current guidance from the Governmental Accounting Standards BoardWhat has been added?