PPT-GASB 54 Standard for Reporting Governmental Fund Balance

Presented by Donna Denker CPA Donna Denker amp Associates Discussion 1 Brief description of fund balance reporting prior to GASB 54 2 Outline of the new requirements 3 Effective Date. Implementation. Presented By. : Steve . Mattern. , Debbie . Riedmiller. , and Kim Sloan. Overview of Presentation. Background & Objective of GASB 54. Applicability and Effective Date. New Fund Balance Classifications. GOVERNMENTAL ACCOUNTING. Purposes and Sources. What is the organizational purpose of governments?. To promote the well-being of citizens. To provide public services. Note: No generation of returns to owners. Reporting . Requirements. Marcia Taylor, CPA, CGFM. William McKain, CPA. Pennsylvania Association of School Business Officials March 17, 2011. Need for the Project. Fund balance – widely recognized as one of most used elements in financial statements. Heidi E. White, CPA. Partner . vavrinek. , trine, day & co., . llp. October 2, 2014. GASB Statements . GASB Statements. Overview of Governmental Accounting Standards Board. Recent Proposals and Pronouncements. Purvis Gray & Company LLP . June, 2011. Mark A. White CPA, Partner. Purvis Gray & Company, LLP. Ocala, Florida. Accounting Profession Reacts to New GASB Statements. Historical Perspective. GASB was established by the Financial Accounting Foundation (FAF) in 1984. Agenda. Provide a brief overview of GASB Statement No. 54 “Fund Balance Reporting and Governmental Fund Type Definitions”. Governmental Fund Types. Fund Balance Categories. Discuss Implementation in Iowa School Districts. Joseph J. Welch, CPA Partner. Purvis Gray & Company LLP. Sarasota, Florida. GASB #54, paragraph 55. ……. . Those users want to know about the character of residual amounts. They want to know the extent to which the use of amounts reported in governmental funds is constrained and how binding those constraints are. Are they enforceable by parties external to the government? Does the government itself have the ability through some specified level of due process to remove or modify the constraints? Or are they less-binding or even nonbinding constraints that are simply indications of management's intent to use resources for specific purposes, with management having the power to change their intentions through a less rigorous process? . ConstitutionStatutesHyperlink Nonspendable fund balance includes amounts that cannot be spent because they are either (a) not in spendable form or (b) legally or contractually required to be maintaine 2012 Annual Conference. Implementing GASB 54 . (Fund Balance Reporting). Presentation by. Gregory S. Allison, CPA. UNC School of Government. Why Change?. Traditional focus of fund balance components on . June 14. ,. 2011. Agenda. Review, Methodology & Examples of Fund Balance Classifications. Fund Balance Policies vs. Stabilization Policies. Restricted – Stabilization by State Statute. Review & Examples of Fund Type Classifications. June 30, 2012. GASB Statement No. 64, Derivative Instruments: Application of Hedge Accounting Termination Provisions. Summary of GASB Updates. Effective Dates – Recently Issued GASB Standards. June 30, 2013. 2012 edition. Community College Internal Auditor’s Fall Conference. October 4, 2012. Prepared by Heidi E. White, CPA. VAVRINEK, TRINE, DAY & CO., LLP. Key Components to the 2012 edition. Who is Responsible for Updates and Changes?. Training. . June 21, 2017. Agenda. Introductions. CAFR/Single Audit Update. Single Audit . Closing Process. New GASB’s. Issues. Financial Accounting & Reporting Section. Staff. Michael Powell, CPA. Introduction. Fund Balance Presentation in the Governmental Funds:. On the Income Statement - Fund Balance is comprised of the Excess (Deficiency) of Revenues Over Expenditures for the Fiscal Year combined with the Beginning Balance of Fund Balance.