Chapter 8 Auxiliary Organizations June 30, 2006. Key Deadlines (Overview, page 8-2) 4th Quarter FIRMS data submission - July 31, 2006 to Chancellor’s.

Slides:

Advertisements

Similar presentations

How to Understand and Prepare the Entity-Wide Financial Statements.

Advertisements

1.  2013  Statement 60 – Service Concession Arrangements  Statement 61 – Reporting Entity  Statement 62 – Codification of AICPA and FASB  Statement.

STATEMENT OF CASH FLOWS

Revenue Bonds & BANs - GAAP Passdown Entries from CO December 2008 Version 1.0.

Reporting Deadlines (Chapter 8) Highlight (Chapter 8)

Irwin/McGraw-Hill © The McGraw-Hill Companies, Inc., 1999 Sources of Capital: Debt © The McGraw-Hill Companies, Inc., Part One: Financial Accounting.

May 2008 GAAP Reporting Workshop © 2008 KPMG LLP, the U.S. member firm of KPMG International, a Swiss cooperative. All rights reserved. Printed in U.S.A.

Chapter 12: Statement of Cash Flows Pre-Statement of Cash Flows (before 1987) Statement of Cash Flows (1987) Research.

Auxiliary Organizations Presented by Mark Thomas Partner - KPMG LLP KPMG LLP.

Highlights of Changes to the Reporting Package Chapter 9 Presented by Lily Wang Chancellor’s Office KPMG LLP.

The Audit Process Chapter 9 Presented by Jessica C Smith, Manager KPMG LLP KPMG LLP.

ORA Table of Contents Topic CHAPTER 1 – OVERVIEW I. History II. Converting from Legal Basis Accounting to GAAP III. Business-Type Activities Model.

Information from the Chancellor’s Office Chapter 5 KPMG LLP.

Reporting Package Update Chapter 9 Presented by Lily Wang CSU, Chancellor’s Office KPMG LLP.

© 2009 KPMG LLP, the U.S. member firm of KPMG International, a Swiss cooperative. All rights reserved. Printed in U.S.A. KPMG and the KPMG logo are registered.

McGraw-Hill/Irwin©2007, The McGraw-Hill Companies, All Rights Reserved Essentials of Accounting for Governmental and Not-for-Profit Organizations Chapter.

Reporting Requirements Chapter 12 Presented by Kathy V. Lai, Manager KPMG LLP KPMG LLP.

PBC List – General Update

Completing Your Reporting Package and Stand-Alone Financial Statements Presented by Elisa Stilwell and Patty McClendon Senior Managers - KPMG LLP Presented.

Auxiliary Organizations Update Chapter 8 Presented by Lily Wang Chancellor’s Office KPMG LLP.

ORA © 2008 KPMG LLP, the U.S. member firm of KPMG International, a Swiss cooperative. All rights reserved. Printed in U.S.A. KPMG and the KPMG.

Preparing for the Audit Presented by Patty McClendon Senior Manager – KPMG LLP KPMG LLP.

Reporting Requirements Presented by Steve DeVetter Partner – KPMG LLP KPMG LLP.

Information from the Chancellor’s Office Chapter 5 Presented by CSU and KPMG, LLP.

CHAPTER 5 GAAP Adjustments or Reclassifications that Require Information from the Chancellor’s Office.

Responses to 2008 GAAP Feedback Presented by Sherry Pickering CSU KPMG LLP.

STATEMENT OF CASH FLOWS

Auxiliary Organizations Presented by Patty McClendon Senior Manager - KPMG LLP Presented by Patty McClendon Senior Manager - KPMG LLP.

Chapter 7- Management’s Discussion and Analysis (MD&A) Presented by Steve DeVetter Partner – KPMG LLP Presented by Steve DeVetter Partner – KPMG LLP.

Completing Your Reporting Package and Stand-Alone Financial Statements Presented by Elisa Stilwell Senior Manager - KPMG LLP KPMG LLP.

Revenue Bonds Legal Basis Accounting. 2 Enterprise Fund Operations in State Pre-Revenue Management Program. Except for Dorm Construction Fund balance,

1 CHAPTER 13 STATEMENT OF CASH FLOWS CHAPTER 13 STATEMENT OF CASH FLOWS STUDY OBJECTIVES After studying this chapter, you should be able to: 1. Indicate.

1 Statement of Cash Flows Sid Glandon, DBA, CPA Associate Professor of Accounting.

Systemwide Revenue Bond Financial Statement Audit Terri Williams, SW Revenue Bonds & Capital Projects Chancellor’s Office Year-End GAAP Training April.

Minnesota State Colleges and Universities Board of Trustees Meeting December 14, 2004.

Govt. Reporting - 1 GOVERNMENTAL REPORTING City Council Budgetary Hearing.

Reporting and Analyzing Cash Flows Chapter 17. Purposes of the Statement of Cash Flows Designed to fulfill the following: – predict future cash flows.

©2002 Prentice Hall, Inc. Business Publishing Accounting, 5/E Horngren/Harrison/Bamber The Statement of Cash Flows Chapter 17.

FORECASTING FINANCIAL STATEMENTS February 3, 2003.

Accounting Principles, Ninth Edition

FIRMS & SCO Reporting Updates and Reminders Roberta McNiel, Senior Manager, Financial Services / SFSR Chancellor’s Office April 23, 2015.

24-1. The Statement of Cash Flows Section 1: Sources and Uses of Cash Chapter 24 Section Objectives 1.Distinguish between operating, investing, and financing.

Chapter 17-1 Chapter 17 Statement of Cash Flows Accounting Principles, Ninth Edition.

STATEMENT OF CASH FLOWS Managerial Accounting, Fourth Edition

Auxiliary Organizations GAAP Timeline Su Chen, Financial Reporting Analyst, FS / SFSR Chancellor’s Office May 19, 2015.

Presented By Daryl DeKam, CPA, Partner Hennepin Technical College Metropolitan State University Minneapolis Community and Technical College St. Cloud State.

Chapter 14 The Statement of Cash Flows

Chapter 12: Statement of Cash Flows Pre-Statement of Cash Flows (before 1987) Statement of Cash Flows (1987) Research.

© 2006 Prentice Hall Business Publishing Introduction to Financial Accounting, 9/e © 2006 Prentice Hall Business Publishing Introduction to Financial Accounting,

© 2006 Prentice Hall Business Publishing Introduction to Financial Accounting, 9/e © 2006 Prentice Hall Business Publishing Introduction to Financial Accounting,

Chapter 15 Debt and Equity Capital McGraw-Hill/IrwinCopyright © 2014 by The McGraw-Hill Companies, Inc. All rights reserved.

Essentials of Accounting for Governmental and Not-for-Profit Organizations Chapter 8: Government-Wide Financial Statements; Fixed Assets and Long-term.

Copyright  2006 Pearson Education Canada Inc. 9-1.

Finance and Investment Cycle

Preparing Financial Statements. 2LESSON 7-1 INCOME STATEMENT INFORMATION ON A WORK SHEET page 182.

© The McGraw-Hill Companies, Inc., 2005 McGraw-Hill/Irwin Completing the Accounting Cycle Chapter 4 4.

Cash Flows 1. Overview 2 1. Statement of Changes in Financial Position. 2. Motivation for a Statement of Cash Flows. 3. The cash flow statement and the.

May 19, 2016 GAAP MANUAL UPDATES AND REMINDERS Criselle Espiritu, Financial Reporting Analyst SFSR, Chancellor’s Office.

April 14, 2016 PBC (INCLUDING SRB PBC) Liezl Sangalang, Senior Audit Manager, KPMG Theresa Marquez, Senior Associate, KPMG Lily Wang, Director, CO Sheralin.

23-1 Intermediate Accounting 14th Edition 23 Statement of Cash Flows Kieso, Weygandt, and Warfield.

Business in a Changing World McGraw-Hill/Irwin Copyright © 2009 by the McGraw-Hill Companies, Inc. All rights reserved. Chapter 14 Accounting and Financial.

May 19 th, 2016 OTHER REMINDERS Su Chen, Financial Reporting Analyst, SFSR Chancellor’s Office.

Chapter 16 The Statement of Cash Flows What Is the Statement of Cash Flows? The statement of cash flows reports on a business’s cash receipts and.

GAAP MANUAL AND OTHER UPDATES

[OPTIONAL] Cover splash screen that can be displayed at the beginning of an event while people are coming in or logging on. This slide is optional and.

BALANCE SHEET COLUMNS OF A WORK SHEET

2007 National Leadership Conference

Statement of Cash Flows

YOUR ANNUAL FINANCIAL STATEMENTS: WHAT TO LOOK FOR AND HOW TO LOOK FOR IT? Presentation for Association of Government Accountants CORDOVA CPAs LLC Bobby.

CHAPTER 9 THE BALANCE SHEET.

Presentation transcript:

Chapter 8 Auxiliary Organizations June 30, 2006

Key Deadlines (Overview, page 8-2) 4th Quarter FIRMS data submission - July 31, 2006 to Chancellor’s Office Audited financial statements, including supplementary information schedules - September 29, 2006 to campus and Chancellor’s Office FIRMS detail IPEDS reporting - October 31, 2006 to Chancellor’s Office Campus President’s review of auxiliary organizations’ audited financial statements - December 1, 2006 (sample letter provided) Single audit report (A-133) - December 15, 2006 or as soon as available to Chancellor’s Office

Supplementary Information – Highlights of Significant Changes Most common errors in 2005 financial statements (Attachment A, page 9). Presented at AOA conference. Supplementary Template (Attachment A-1) Note 2 - Investments Debt, and equity securities are reported on separate line items. Requested by SCO. Note 3 - Capital assets Restatement column for prior period adjustments, if any, and reclassifications. Note 4 - Long-term liabilities activity schedule Unamortized premium on capital lease obligations to campus Unamortized bond premium Unamortized loss on refunding Note 6 – Future minimum lease payments Separate columns for principal and interest

Supplementary Information – Highlights of Significant Changes (cont’d) Supplementary Template (Attachment A-1) Placed formulas to verify balances between notes and F/S Comments in text boxes throughout to clarify instructions Troubleshooting checklist now part of template “In relation to” opinion on auditor’s report Supporting document (e.g. payroll report) for additions/reductions in accrued compensated absences Remove “OK” checks, and instructions in printed report Please DO NOT make any changes to the template (e.g. add rows, columns, change line item descriptions, etc.) Please DO NOT include troubleshooting checklist in printed report Completion of checklist will help alleviate errors Must be submitted to campus with audited financial statements. (It is recommended that a draft financial statements is provided to the campus coordinator for review prior to issuance).

Statements of Net Assets and Revenues, Expenses, and Changes in Net Assets Classified balance sheet Net assets categories Invested in capital assets, net of related debt - Debt related to unspent bond proceeds should not be included in this category but rather in the same net assets category as the unspent bond proceeds (e.g. restricted for capital projects) Reconciliation of inter-entity account balances and activity with campus and other auxiliary organizations Elimination column – identification of nonexchange transactions (revenues and expenses) between auxiliary organizations and campus

Questions? Lily Wang