BAR 5 Flashcards
RSI components:
a. budgetary comparison schedule [original budget, final amended budget, and actual amount ; Variances between final and actual are not part of budgetary comparison scheduled as part of RSI. Variances may be presets but not required]
b. infrastructure assets reported using modified approach
c. pension and other post-employment benefits
d. landfill closure and post closure care cost info (IF applicable)
e. other SI
Seperate note disclosures may accompany the schedules that comprise required supplementary info and related required supplementary info follow basic financial statements
Items included in notes to F/S
- Significant Accounting Policies
- Infrastructure and capital assets
- LT liab
Notes to F/S include important discolusre about basic F/S, not the required supplementary info.
In accordance to GASB 34 F/S include:
- gov-wide F/S prepared in accrual basis,
- fund F/S,
- notes to F/S ie basic F/S
4 required supplementary info - (MD&A),
- budget v actual comparison (original budget and changes in final amended budget)
MD&A component is
- description of F/S including analysis of gov overall F/S position and results of operations,
- comparison of current year to prior year;
- along with narrative covering all of gov financial activities and present condensed financial info from gov-wide F/S
MD&A: description of F/S, identity of primary gov and discrete components units, economic conditions and outlook, and major initiatives
Required funds
a) General funds (major fund, uses current financial resources measurement focus consistent w/ other gov funds; uses modified accrual basis of accoutning consistent w/ other gov funds)
b) special revenue funds
c) debt service funds
d) capital projects funds
e) permanent funds
Gov funds represented in following F/S
a) B/S
b) Statement of Revenues, Expenditures, and Changes in Fund Balances with the following components
Proprietary Funds
composed of enterprise funds ( displayed as business type activities liek landfill fee, utility revenue/fee; and carry their own debt) and internal service funds (providing goods/services by 1 dept to others on cost-reimbursement basis)
with F/S of:
a) statement of net position
b) statement of revenues, expenses, and changes in fund net position
c) statement of cash flows
- full accrual
Fiduciary Funds
composed of
- pension/other employee benefit trust funds,
- investment trust funds (investment pools operated by gov that account for investments of other entries )
- private purpose trust funds (designated fund for reporting all other trust arrangements under principal and income are benefit of: specific individuals, private org, or other gov)
custodial funds (debt service transactions of a special assessment issue which gov is not obligated in any manner)
with: a) F/S of statement of fiduciary net position and
b) statement of changes in fiduciary net position
Proprietary Funds Statement of Cash Flows Components
a) operating activities: results from providing services and producing or delivering goods and all other transactions not defined by other classlifciatios. Payments for services to other funds, including payments in lieu of taxes, are treaded as opearting
b) non-capital financing activities: a) proceeds or payments related to borrowing not attributable to acquision, contrsuction or improvment of capital assets b) cash receipts or payments related to grants or subsidiaries not attributable to capital purposes c) proptery taxes not designated for capital purposes d) cash paid to other funds other than for inter-fund services. borrowing money for other than capital expenditures, ie tax anticipation notes. borrowing for non capital purposes as well as cash receipts from grans or subsidiaries, property tax revenues
c) capital and related activities: cash acitiviities related to acqusition, construction or improvment of capital assets; cash flows related to borrowing and lending to long-lived assets. acquiring and disposing of cpaital assets and any related dbet. acquiring and disposing of capital assets, borrowing money for captial acqusion and repaying amounts borrowed as well as capital grants, special assessment levied for capital acqusition etc
d) investing activities: cash receipts and disburmsnts realted to purcahse and sale of equiyt or debt seructies;; cash receipts realted to interest income. making and collecting loans and acquiring and disposing of debt or equity instruments
Major fund characteristics
The following reflect major fun reporting criteria (rules) under GASB 34:
a) major funds expected to meet the 10% criteria w/in specific category and 5 % criteria for both gov and enterprise funds categories
b) under 10% test, individual GRSPP funds and individual enterprise funds are each separetly compared to total of all gov and enterprise funds
c) under 5% test, this represents 5% or more of revenue, expeditures, assets, or liabilities from all gov funds and all enterprise funds”
Cash flows from operating acitivies
= operating income - increase in current assets other than cash + increase in current liab net of change in revolving debt + Depreication
Gov balance sheet format sets
= assets and deferred outflows of resources = liabilities and deferred inflows of resources + fund balance
Change in net position
= revenue - expense - transfers
Fiduciary balance sheet format sets = assets and deferred outflows of resources minus liabilities and deferred inflows of reoeusrces equals net psosition
= assets and deferred outflows of resources minus liabilities and deferred inflows of reoeusrces equals net psosition
Component units may be presented using
discrete or blended method w/in F/S of primary reporting entity.
a) discrete: acceptable method to present component units and follow characteristics of SELF: Separately, elected governing body, legally separate entity, and financial independent status
b) blended: cant be separated from entity
