PDF-Governmental GAAP Guide 2020

The Benefits of Reading Books. Technical Update. Mark Thomas. , Partner . KPMG LLP. May 19, 2015. Learning Objective:. Be familiar with the new accounting pronouncements and understand its effect to the California State University System financial statements. Accounting Changes and Error Corrections. Both GAAP and IFRS treat changes in accounting . estimates. prospectively. Changes in accounting . principles. are accounted for retrospectively for both GAAP and IFRS.. GAAP “Capital Lease” Criteria. To be classified as a capital lease GAAP states that the lease must be non-cancelable and meet one of the following:. Transfers ownership. Bargain purchase option. Lease term is . year-end reporting Timeline. Su Chen. , Financial Reporting . Analyst, SFSR. Chancellor’s . Office. Learning . Objectives. At the end of the session, participants will be able to: . Know . the reporting deliverables and deadlines for discretely presented component units in relation to the CSU GAAP reporting purposes. . The . information contained on this site may . include company information that does not conform with generally accepted accounting principles (GAAP).  . Management believes the use of these non-GAAP measures are meaningful to investors because they provide insight with respect to operating results of the company and additional metrics for use in comparison to competitors.  These measures should not be viewed as an alternative to GAAP measures of performance.  Furthermore, these measures may not be consistent with similar measures used by other companies.  . Nathanael Bryant. , Financial Systems & Reporting Analyst. Systemwide Financial Standards & Reporting, CO. Learning Objectives. Review requirements for completing capital asset reporting by state fund in Asset Management (AM). Liabilities are. Present obligations. Require the future transfer of assets or provision of services. Obligation cannot be avoided. Event giving rise to obligation has already occurred. GAAP and IFRS are about the same regarding liabilities. Bill Rutherford Chief Financial Officer and Executive Vice President. Vic Campbell Senior Vice President. Mark Kimbrough. . Vice President, Investor Relations. . . Forward-Looking Statements . and Non-GAAP Financial Measures. Insurers produce financial statement prescribed by NAIC. Filed with insurance department of regulators. Based on Statutory Accounting Principles. More conservative than GAAP. SAP - . 2. Policyholders’ Surplus.  . . . STATE . OF.  . CONNECTICUT. 20x8. . COMPREHENSIVE. ANNUAL. . FINANCIAL. REPORT. Fiscal Year Ended. June 30, 20x8. . Kevin Lembo. State Comptroller. Overview of OSC Requests. . Generally Accepted Accounting Principles. Defined as the set of accepted industry rules, practices and guidelines for financial accounting . Includes the standards, conventions, and rules accountants follow in recording and summarizing transactions, and in the preparation of financial statements. Criselle Espiritu, Financial Reporting Analyst SFSR, . Chancellor’s Office. Learning . Objectives. Know the GAAP Accounting and Reporting Manual updates and key changes. Know the changes in the supplementary schedule. Q4 e March 31 1 176006a Code is pending and later than the 7th business the date the originally filed questionnaire incomplete or inaccurate or a local governmental entity that / I I Amended 0111312006