GASB #34 – Annual Financial Report

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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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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
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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
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Two Government Wide Statements
Statement of Net Assets
(Government Wide)
 Statement of Activities
(Government Wide)
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Report financial data using the full
Accrual basis of Accounting
Old and New Statements
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Fund Financial Statements
Similar
to traditional statements
Reported using the modified accrual
basis
Presented using the Major and Non
Major fund criteria
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Reconciliation Statements (2)
Provide
a link from Fund Financial
Statements to Government Wide
Statements
Old and New (continued)
Budget and Actual Statement –
additional column that reports Final
budget
 Statement of Net Assets
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Proprietary Funds – reported using the
full accrual basis of accounting and the
Major and Non Major criteria
 Internal Service fund presented
separately
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Old and New (continued)
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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
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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
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Statement of Changes in Net Assets
– Fiduciary Funds
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.
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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
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Where can I get help?
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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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