DATE:
April 5, 2013
TO:
Agency Addressed (No. 29, 2012-2013)
FROM:
Christina Smith, Director
Division of Accounting and Auditing
Department of Financial Services
SUBJECT:
GOVERNMENTAL ACCOUNTING STANDARDS BOARD STATEMENTS
NUMBERS 60, 61, and 63
Section 216.102, Florida Statutes, requires the Chief Financial Officer to prepare the State’s
Comprehensive Annual Financial Report (CAFR) using generally accepted accounting principles
(GAAP). The Governmental Accounting Standards Board (GASB) issued statements of
governmental accounting standards for Fiscal Year 2012-13. The following statements must be
considered for implementation:

Statement No. 60: Accounting and Financial Reporting for Service Concession
Arrangements - This statement addresses accounting and reporting for Public-Private
Partnership and Public-Public Partnership contracts. A questionnaire will be sent to each
state agency to determine applicability of this statement.

Statement No. 61: The Financial Reporting Entity - This statement changes the criteria
for reporting component units as part of the State's reporting entity. Implementation of
this statement may result in current component units no longer meeting the criteria for
reporting or being classified differently. A questionnaire will be sent to affected agencies
to review selected component units.

Statement No. 63: Financial Reporting of Deferred Outflows of Resources, Deferred
Inflows of Resources, and Net Position - This statement requires minimal formatting
changes to the Statement of Net Assets. The impact to agencies depends on responses to
the questionnaire for Statement No. 60 and will be communicated to those affected.
Agency participation is imperative as the State implements these statements to ensure the CAFR
is prepared in conformity with GAAP. Agency responses to the questionnaires will be reviewed
for implementation and followed up as needed. Agency comments and questions related to
GASB statements are welcomed and may be addressed to the Bureau of Financial Reporting at
(850) 413-5511.