Presented by: MICHAEL D. MARTIN Martin, Stilwell & Jones, LLP
Completing Your Reporting Package and Stand-Alone Financial Statements Presented by Elisa Stilwell...
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Transcript of Completing Your Reporting Package and Stand-Alone Financial Statements Presented by Elisa Stilwell...
Completing Your Reporting Package and Stand-Alone Financial StatementsCompleting Your Reporting Package
and Stand-Alone Financial Statements
Presented by
Elisa Stilwell and Patty McClendon
Senior Managers - KPMG LLP
Presented by
Elisa Stilwell and Patty McClendon
Senior Managers - KPMG LLP
2
Reporting Package Components
2004 Campus Reporting Package includes: For the financial statement audit:
Statement of Net Assets
Statement of Revenues Expenses, and Changes in Net Assets
Statement of Cash Flows
Notes
For the A-133 audit:
Schedule of Expenditures of Federal Awards
Notes
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Reporting Package – Highlights of Significant Changes for 2004
Note 3 – Cash, Cash Equivalents and Investments Endowment cash and cash equivalents
Note 4 – Accounts Receivable Other receivables must include a breakout of
significant components
Note 8 – Long-term Liabilities Activity Schedule Rollforward by individual debt issue and subtotal by
debt type
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Reporting Package – Highlights of Significant Changes for 2004 (cont’d)
Note 14 – Transactions with Related Entities Gross amounts of receivables and payables
Separate FASB and GASB columns
Note 16 – Other Information: Auxiliary Organizations Endowment cash and cash equivalents
Composition of investments, current and noncurrent
Long-term liabilities activity schedule – breakout of significant components of other long-term liabilities
Prior period adjustment(s) information, if any, for GASB and FASB entities separately
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Reporting Package – Highlights of Significant Changes for 2004 (cont’d)
A-133 Audit (Single Audit) Included in Reporting Package – see separate tab
Pass-through identifying number and pass-through source for each grant
Other Changes Removal of statement of cash flows for discretely
presented component units (auxiliary organizations)
More check formulas added
Version number and date submitted added to footer
Use standard naming convention for electronic file that includes only location name and version number (for example: “Chico_RP 2004_v1.xls”)
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Preparing Your Stand-Alone Financial Statements
Campus stand-alone financial statements include the following components:Management’s Discussion and Analysis
(MD&A)
Statement of Net Assets
Statement of Revenues, Expenses, and Changes in Net Assets
Statement of Cash Flows
Notes to the Financial Statements
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Preparing Your Stand-Alone Financial Statements Timing depends on campus
Campus stand-alone financial statements should not be issued before the Systemwide financial statements (refer to Audit Timeline)
Access to technical accounting literature and resources to help ensure successful preparation of GAAP financial statements (refer to Chapter 14)
Use electronic template of proforma financial statements (included in Chapter 12) to begin the preparation process Option of 1 year or 2 year comparative presentation
Electronic template should be tailored as applicable to the individual campus.
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Preparing Your Stand-Alone Financial Statements
MD&A
If opting for 1 year presentation, presentation of current year and prior year financial data is still required
Campus is responsible for drafting the MD&A. KPMG cannot assist under the new GAO Independence Standards.
More details on MD&A in separate presentation today
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Preparing Your Stand-Alone Financial Statements Elimination of nonexchange transactions between
the Campus and the discretely presented auxiliary organizations, if any
Based on the significance of the discretely presented auxiliary organizations to the financial reporting entity, the Campus must evaluate whether certain auxiliary information should be included in the notes to the financial statements.
KPMG campus teams must revise the opinion accordingly based on which accounting firms audit which auxiliary organizations (i.e. KPMG or other auditors)
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Preparing Your Stand-Alone Financial Statements Required reclassification adjustments for stand-
alone reporting purposes only (refer to Chapter 12) Accounts receivable due from the Chancellor’s Office
Other changes to electronic template of the proforma financial statements Tables included in notes to the financial statements
are in excel format
Note 2 (a) Financial Reporting Entity – revisions to summary information for discretely presented auxiliary organizations
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Preparing Your Stand-Alone Financial Statements
Campus must submit a complete draft of the financial statements, including MD&A, to KPMG to begin the review process.