Other Manual Highlights and Reminders Sheralin Klinthong and Evajoy Tito, SFSR Chancellor’s Office...

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Other Manual Highlights and Reminders Sheralin Klinthong and Evajoy Tito, SFSR Chancellor’s Office Year-End GAAP Training April 18, 2014

Transcript of Other Manual Highlights and Reminders Sheralin Klinthong and Evajoy Tito, SFSR Chancellor’s Office...

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

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GAAP Manual Highlights• New Look – similar to the new Legal Manual

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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

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OLD LOOK

NEW LOOK

3. Change in “footer”

GAAP Manual Highlights (cont.)

• Revision Control – replaced the “Major Changes” document

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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

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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

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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

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Statement of Cash Flows (Chapter 6)

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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

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Statement of Cash Flows (cont.)

• Provided more common non-cash transaction examples

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Statement of Cash Flows (cont.)

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Increase (decrease) in the account

Increase (decrease) in cash

Statement of Cash Flows (cont.)

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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

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Statement of Cash Flows (cont.)

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Statement of Cash Flows (cont.)

• Example 2:

Advance

Refunding

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Statement of Cash Flows (cont.)

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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

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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

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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.

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GAAP Reminders (cont.)

• PBC SharePoint Site • All documents should be “checked-in”.

Look for this icon.

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GAAP Reminders (cont.)• To check in documents:

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“Right click”

“Click”

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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]

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