PPT-GASB Statement No. 54: Fund Balance and Governmental Fund T

Joseph J Welch CPA Partner Purvis Gray amp 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 lessbinding or even nonbinding constraints that are simply indications of managements intent to use resources for specific purposes with management having the power to change their intentions through a less rigorous process . 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. Presented by. Donna Denker, CPA. Donna Denker & Associates. Discussion:. 1.) Brief description of fund balance reporting prior to GASB 54. 2.) Outline of the new requirements. 3.) Effective Date. 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. AGFOA . April, 2012. Overview. Statement 61 – Reporting Entity Omnibus. Statement 62 – Pre-89 FASB and AICPA Pronouncements. Statement 63 – . Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources, and Net . 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. 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. 99. WASBO . Spring Conference . 2017. Gene Fornecker, . School Financial Services Auditor. May 12, 2017. AN INTRODUCTION TO OPEB. :. What is OPEB?. Other Postemployment Benefits (OPEB) are post employment benefits earned by employees during their career that they receive after they are no longer active employees.. 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?. 99. WASBO . Spring Conference . 2018. Derek Sliter, School Finance Consultant. DPI School Financial Services Team. May 18, 2018. AN INTRODUCTION TO OPEB. :. What is OPEB?. Other Postemployment Benefits (OPEB) are post employment benefits earned by employees during their career that they receive after they are no longer active employees.. 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.