firms & sco gaap submissions roberta mcniel, senior manager, fs / sfsr chancellor’s office april...

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FIRMS & SCO GAAP SubmissionsRoberta McNiel, Senior Manager, FS / SFSRChancellors OfficeApril 24, 20151The California State UniversityLearning ObjectivesTo provide brief overview of the FIRMS GAAP submission, including the key edits that are applied to the data.To apply this years changes to the SCO GAAP submission.April 2015Year-End GAAP Training2FIRMS GAAP SubmissionCovered in new Ch. 7.02 of the GAAP Manual:Provides overview of submission components.Discusses both the automated edits and the manual review applied to the data.Reminds campuses that the FIRMS GAAP submission is the only GAAP data source at the state/CSU fund levels and that data integrity at these levels is essential.

April 2015Year-End GAAP Training3FIRMS GAAP Submission (cont.)What are the four elements of the GAAP combination edit?April 2015Year-End GAAP Training4FIRMS GAAP Submission (cont.)GAAP Combination Edits TableDetermines validity of combinations of following elements:CSU fundNatural class codeNet position categoryProgram group codeApril 2015Year-End GAAP Training5FIRMS GAAP Submission (cont.)GAAP Combination Edits Table (cont.)Two types of combination edits:X = valid combinationX(A) = combination flowing from legal-basis records which needs to be adjusted in GAAPFurther details regarding X(A) edit error available using PeopleSoft query: CSU_GAAP_Reclass

April 2015Year-End GAAP Training6FIRMS GAAP Submission (cont.)Manual review consists of following:Comparison of GAAP FIRMS data to SNP and SRECNP as presented in TM1.Confirmation that changes in asset/liability balances between pre- and post-closing files are zero.Confirmation that changes in net position between pre- and post-closing files equals sum of revenue and expense activity.Confirmation that data as provided in GAAP FIRMS and on TM1 tie to SCO GAAP schedules.April 2015Year-End GAAP Training7FIRMS GAAP Submission (cont.)Submission date:

September 8April 2015Year-End GAAP Training8SCO GAAP SubmissionCovered in Chapter 18 of the GAAP Manual.Updates include:Change in the data collection method for capital assets/accumulated depreciation.New requirements on the following templates:Legal to GAAP reconciliation of governmental fundsBreakdown of Statement of Cash FlowsAddition of requirements affecting all templatesAddition of Testing Protocol for SCO GAAP Templates (at end of chapter)

April 2015Year-End GAAP Training9SCO GAAP Submission (cont.)Capital Assets/Accumulated Depreciation Template

Completed in Asset ManagementConsolidated schedule for SCO pulled from Asset ManagementApril 2015Year-End GAAP Training10SCO GAAP Submission (cont.)

April 2015Year-End GAAP Training11SCO GAAP Submission (cont.)Capital Assets/Accumulated Depreciation Template (cont.)Elements of template:Beginning balances 6/30/14 legal balances automatically brought forwardPrior period adjustments 6/30/14 GAAP adjustments recorded by campuses in FYE 2015 ----requires entries by campuses

April 2015Year-End GAAP Training12SCO GAAP Submission (cont.)Capital Assets/Accumulated Depreciation Template (cont.)Elements of template (cont.):Adjusted beginning balances automatically calculated and represents 6/30/14 GAAP balances ---- must tie to last years GAAP ending balances as reported to the SCO and in TM1

April 2015Year-End GAAP Training13SCO GAAP Submission (cont.)Capital Assets/Accumulated Depreciation Template (cont.)Elements of template (cont.):Additions, Deductions and Transfers automatically populated from current years data (legal data)GAAP adjustments, Additions, Deductions and Transfers entered by campuses

April 2015Year-End GAAP Training14SCO GAAP Submission (cont.)Capital Assets/Accumulated Depreciation Template (cont.)Elements of template (cont.):Ending balances automatically calculated and represents 6/30/15 GAAP balances

Data on the template must tie to TM1 and net capital assets must agree to GAAP FIRMS

April 2015Year-End GAAP Training15SCO GAAP Submission (cont.)Capital Assets/Accumulated Depreciation Template (cont.)

No balances for 0997 should be included on schedule.Separate Excel worksheet to be completed and submitted to report depreciation expense by state fund.April 2015Year-End GAAP Training16SCO GAAP Submission (cont.)Capital Assets/Accumulated Depreciation Template (cont.)Implementation timeline:Completion of internal testing April 30Webcast training for campuses latter part of MayCampus testing JuneAvailable in production August 12April 2015Year-End GAAP Training17SCO GAAP Submission (cont.)Legal to GAAP ReconciliationAdded another standard adjustment (#8) for capital outlay funds at the Description of GAAP Adjustments tab:724001State appropriations, capital711202 Accounts receivable, net (noncurrent)To record reversion of capital appropriation.

April 2015Year-End GAAP Training18SCO GAAP Submission (cont.)Legal to GAAP Reconciliation (cont.)

Added instruction to not enter compound entries on the Description of GAAP Adjustments tab; provide each entry required to convert the legal-basis balances to GAAP.

April 2015Year-End GAAP Training19SCO GAAP Submission (cont.)Breakdown of Statement of Cash FlowsAdded to instructions:Requirement to complete the SNP and SRECNP tabs.Requirement to clear error messages on all tabs.Requirement that the net position on the SNP and SRECNP tabs be equal.April 2015Year-End GAAP Training20SCO GAAP Submission (cont.)Breakdown of Statement of Cash Flows (cont.)Additions to instructions (cont.)Requirement that the depreciation expense reported on the SCF tie to the depreciation expense reported on the Depreciation Expense Schedule.Requirement that the state fund data on the SCF bear a reasonable relationship to data provided on other SCO GAAP schedules.

April 2015Year-End GAAP Training21SCO GAAP Submission (cont.)Which account balance must be the same on both the SNP and SRECNP tabs of the Breakdown of Statement of Cash Flows workbook?April 2015Year-End GAAP Training22SCO GAAP Submission (cont.)New requirements affecting all templates:Numbers must be rounded to the nearest penny.Schedules must tie to each other and rounding issues must be resolved.All abnormal balances need to be explained in a footnote on the schedule reflecting the abnormal balance.Schedules MUST tie to FIRMS GAAP and TM1 entries as specified in the instructions for each schedule. April 2015Year-End GAAP Training23SCO GAAP Submission (cont.)Testing Protocol for SCO GAAP TemplatesProvides the review steps conducted by the CO upon receipt of the templates.Managers reviewing the templates should use this document to ensure the quality of the campus submission before execution of the certification and submission to the CO.April 2015Year-End GAAP Training24SCO GAAP Submission (cont.)Amounts on SCO GAAP schedules need to be rounded to the nearest:

ThousandHundredPennyAny way the campus wants to do it!April 2015Year-End GAAP Training25SCO GAAP Submission (cont.)Submission date:

September 10

April 2015Year-End GAAP

April 2015Year-End GAAP Training2727The California State