PPT-GAAP Update Presented For The

GASBO Presented by Paul E Glick Glick Consulting Group What I Shall Do I will touch upon GASBS 60 61 62 66 67 amp 68 69 amp 70 I will show you what is coming one of these days. 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 . Statutory Accounting. Insurers produce financial statement prescribed by NAIC. Filed with insurance department of regulators. Based on Statutory Accounting Principles. More conservative than GAAP. SAP - . Julia . Makarieva. Jennifer . Waclawik. Becky Fay . Grayson . Schrantz. Alex Perez. Definition of Inventory. US GAAP- considered more. rules based. IFRS- considered more principle based. The. aggregate of those items of tangible personal property that are:. Mark Thomas, Partner, KPMG LLP. Learning . Objective. Be familiar with . certain of the . new accounting pronouncements and understand . the effects on the auxiliary organizations financial . statements. Chancellor’s Office. Learning . Objectives. Elimination of non-exchange transaction. Updates on IPEDS Template used for Component Units’ FIRMS data . submission. General . information related to IT General Controls Audit . 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. 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. 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. November 2017. Cautionary Statements Regarding Forward-Looking Information. This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, that are subject to risks and uncertainties. The factors that could cause actual results to differ materially from the forward-looking statements made by Exelon Corporation, Exelon Generation Company, LLC, Commonwealth Edison Company, PECO Energy Company, Baltimore Gas and Electric Company, . 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. GAAP Training How to prepare the GAAP forms COMPREHENSIVE ANNUAL FINANCIAL REPORT Fiscal Year Ended June 30, 20x8 Kevin Lembo State Comptroller Overview of OSC Requests Standard forms package – GAAP Forms #1 thru #9 Additional Agency