other manual highlights and reminders sheralin klinthong and evajoy tito, sfsr chancellor’s office...
TRANSCRIPT
Other Manual Highlights and Reminders
Sheralin Klinthong and Evajoy Tito, SFSR
Chancellor’s Office
Year-End GAAP Training
April 18, 2014
GAAP Manual Where to find the GAAP Manual?
- Available in the SFSR website http://www.calstate.edu/SFSR/Workshops/index.shtml
GAAP drop down menu
April 2014 Year-End GAAP Training 2
GAAP Manual Highlights• New Look – similar to the new Legal Manual
April 2014 Year-End GAAP Training 3
OLD LOOK NEW LOOK
1. Change in “header”
2. No longer called “Section”.
Now, called “Chapter”.
GAAP Manual Highlights (cont.)
• New Look – similar to the new Legal Manual
April 2014 Year-End GAAP Training 4
OLD LOOK
NEW LOOK
3. Change in “footer”
GAAP Manual Highlights (cont.)
• Revision Control – replaced the “Major Changes” document
April 2014 Year-End GAAP Training 5
GAAP Manual Highlights (cont.)
• Removed Matrix 2.2 “SNP by CSU Fund”• Removed Matrix 3.2 “SRECNP by CSU Fund”• Merged and automated the above matrices
effective 7/1/14 as GAAP Edits Table
Chapter 3Legal Basis to GAAP
Reporting
• Added more guidelines for SCF preparation
• New and improved SCF worksheet template
Chapter 6Statement of Cash Flows
• Repository of all implementation tools i.e. questionnaire, literature, FAQs, charts, etc.
• Includes GASB 49, 60 and 61
Chapter 7GASB Standards
Implementation Tools
April 2014 Year-End GAAP Training 6
GAAP Manual Highlights (cont.)
• Changes in PBC exhibits• Updated PBC list• New TM1 FAQ’s
Chapter 9Preparing for Financial
Statement Audit
• Added new items on the checklist (download the latest checklist)
Chapter 10GAAP Preparation
Checklist
• Added new items on the checklist (download the latest checklist)
• GAAP Data Integrity Form
Chapter 11GAAP Financial
Reporting Checklist
April 2014 Year-End GAAP Training 7
GAAP Manual Highlights (cont.)
• NCAA Requirement• Annual deliverables to SFSR• Reporting to the BOT
Chapter 12NCAA Financial
Reporting Requirements
• Changes every year for new technical guidance
Chapter 14Technical Updates
• New discussion on reporting of findings by KPMG
• Changes to Federal Grant Policies and Single Audits (Uniform Guidance)
Chapter 15Preparing for A-133
Audit
April 2014 Year-End GAAP Training 8
Statement of Cash Flows (Chapter 6)
April 2014 Year-End GAAP Training 9
Current Year Improvements
More
More examples
of non-cash
transactions
Easily account for
CF activities
Added the relevant
GASB CIG for
reference
Achieve consistenc
y in SCF preparatio
n
Guidelines on SCF
line items
Statement of Cash Flows (cont.)
• Added relevant GASB implementation Guide Q&A in relevant sections
April 2014 Year-End GAAP Training 10
Statement of Cash Flows (cont.)
• Provided more common non-cash transaction examples
April 2014 Year-End GAAP Training 11
Statement of Cash Flows (cont.)
April 2014 Year-End GAAP Training 12
Increase (decrease) in the account
Increase (decrease) in cash
Statement of Cash Flows (cont.)
April 2014 Year-End GAAP Training 13
Statement of Cash Flows (cont.)
• Example 1: During the year, the campus had the following transactions:• Purchased capital assets of $250,000, of which
$80,000 is unpaid at fiscal year-end• A capital asset was donated amounting to
$350,000• Depreciation for the year is $75,000• Sold capital assets amounting to $50,000
April 2014 Year-End GAAP Training 14
Statement of Cash Flows (cont.)
April 2014 Year-End GAAP Training 15
Statement of Cash Flows (cont.)
• Example 2:
Advance
Refunding
April 2014 Year-End GAAP Training 16
Statement of Cash Flows (cont.)
April 2014 Year-End GAAP Training 17
Statement of Cash Flows (cont.)• REMINDERS:
• No decimals• Use the template as guide. Update as necessary.• Analyze accounts that typically have noncash transactions
(e.g. capital assets, other assets, deferred outflows of resources)
• Disregard current and long-term portion of account balances
• “Transfer to Escrow Agent” amount in the SCF will be provided to the campus rather than CO entering directly in TM1
April 2014 Year-End GAAP Training 18
GAAP Reminders
• Error in PBC # 2 Campus/Legal/GAAP Ledger Comparison
Report picked up Asset Management (AM) entries. Did not change AM periods from 1-12 to 901-912 during the AM journal generate process in xxGAP.
• Auditor Qualification Questionnaire – due on April 30th
April 2014 Year-End GAAP Training 19
GAAP Reminders (cont.)
• Reconcile SNP and SRECNP – TM1 vs. GAAP ledger
• Any adjustment made on TM1 should be booked in GAAP ledger as well.
• Properly classify investments in “Footnote 2.1 Auxiliary Note” in TM1. Revisit investments classified as “Others” and reclassify them if necessary.
April 2014 Year-End GAAP Training 20
GAAP Reminders (cont.)
• PBC SharePoint Site • All documents should be “checked-in”.
Look for this icon.
April 2014 Year-End GAAP Training 21
GAAP Reminders (cont.)• To check in documents:
April 2014 Year-End GAAP Training 22
“Right click”
“Click”
April 2014 Year-End GAAP Training 23
Sheralin KlinthongAssociate Director
Financial Reporting & Review(Tel) 562-951-4548
(Email) [email protected]
Thank you
Evajoy TitoManager
Financial Reporting(Tel) 562-951-4531
(Email) [email protected]
April 2014 Year-End GAAP Training 24