Office of Operations
2007 Fall Conference
Success Through Synergy
      The GAAP Financial Reporting
       Process - Syne...
2
Overview
General Background
Definitions
GASB 34
CAFR
CAFR - Basic Financial Statements
Current GASB Statements
Other Finan...
General Background
The Bureau of Financial Reporting
  Comprehensive Annual Financial Report (CAFR)
  Financial Condition ...
General Background
What is GAAP Financial Reporting and why is
 it important?

  Generally Accepted Accounting Principles
...
Definitions
GAAP - Generally Accepted
Accounting Principles
GASB - Governmental Accounting
Standards Board
CAFR - Comprehe...
Definitions (cont’d)
GFOA - Government Finance
Officers Association
Certificate of Achievement
for Excellence in Financial...
GASB 34
“Basic Financial Statements - and Management’s
    Discussion and Analysis- for State and Local
                  ...
CAFR
    “Comprehensive Annual
       Financial Report”

Statistics for 2007 CAFR
1. $170 billion in entries

2. 162 entri...
CAFR
   “Comprehensive Annual
      Financial Report”

Three Major Sections:
1. Introductory

2. Financial

3. Statistical...
CAFR
     “Comprehensive Annual
         Financial Report”
Introductory Section
1. Comptroller’s Letter

2. Financial Over...
CAFR
    “Comprehensive Annual
       Financial Report”
Financial Section
1. Management’s Discussion and
   Analysis
2. Ba...
CAFR - Basic Financial
     Statements
Entity-wide financial statements
  Statement of Net Assets
      Assets, Current, N...
CAFR - Basic Financial
     Statements

Entity-wide financial statements
  Statement of Activities
      Expenses & Progra...
CAFR - Basic Financial
      Statements
Governmental Funds
  Balance Sheet
       Assets
       Liabilities
       Fund Ba...
CAFR - Basic Financial
    Statements
Enterprise Funds
Statement of Net Assets
      Assets
      Liabilities
      Net As...
CAFR - Basic Financial
    Statements
Fiduciary Funds
Statement of Fiduciary Net Assets
     Assets
     Liabilities
     ...
CAFR - Basic Financial
    Statements
Discretely Presented Component Units
Statement of Net Assets
      Assets
      Liab...
CAFR
Required Supplementary
  Information (RSI)
1.   Budgetary Schedule-Financial Plan
     to Actual-General Fund and Spe...
CAFR
Other Supplementary
  Information
1.   Combining Balance Sheet
2.   Combining Statement of Revenues,
     Expenditure...
CAFR
     “Comprehensive Annual
         Financial Report”
Statistical Section
1. Demographic

2. Economic

3. Miscellaneo...
Current GASB Statements

GASB 43 - Financial Reporting for
  Postemployment Benefit Plans
  Other Than Pension Plans
GASB ...
Current GASB Statements
GASB 44 - Economic Condition
  Reporting: The Statistical Section
GASB 47 - Accounting for Termina...
Current GASB Statements

GASB 49 - Accounting and Financial
  Reporting for Pollution Remediation
  Obligations
GASB 50 - ...
Financial Reports




                    25
Other Financial Reports

1.   Financial Condition Report (FCR)
       Presents the State’s ‘Financial
       Condition’ ra...
Agency Financial Reporting
     Package-AFRP
Gross Accounts Receivable
 approximately 50 agencies

Gross Miscellaneous Lia...
Agency Financial Reporting
 Package On-Line System

1.   Agency Financial Reporting Package
     (AFRP)
       Collects in...
Summary
GAAP financial statements and the CAFR are
   required to:
  1. Present timely modified accrual and full
     accr...
Questions/Comments?


 David Hasso (518) 486-1233
   dhasso@osc.state.ny.us
Suzette Baker (518) 486-1234
   sbaker@osc.sta...
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Microsoft PowerPoint - 4D-THE GAAP FINANCIAL REPORTING ...

  1. 1. Office of Operations 2007 Fall Conference Success Through Synergy The GAAP Financial Reporting Process - Synergy In Action BUREAU OF FINANCIAL REPORTING David Hasso, CPA, CGFM Director Suzette Baker, CPA, CGFM Assistant Director November 26-28, 2007 1
  2. 2. 2
  3. 3. Overview General Background Definitions GASB 34 CAFR CAFR - Basic Financial Statements Current GASB Statements Other Financial Reports Summary/Questions/Comments 3
  4. 4. General Background The Bureau of Financial Reporting Comprehensive Annual Financial Report (CAFR) Financial Condition Report (FCR) Interim GAAP Financial Statements Chapter 551 Functional Reporting Five Year Comparative Financial Statements Schedule of Expenditures of Federal Awards Citizens’ Guide Certification of Tax Revenues LGAC & Oil Spill Fund Financial Statements Implementation of GASB standards Comment on proposed GASB statements and other standards 4
  5. 5. General Background What is GAAP Financial Reporting and why is it important? Generally Accepted Accounting Principles (GAAP) Chapter 405 of the Laws of 1981 Report to Legislature MUST be completed by July 29th Accounting Bases Cash Basis Reporting (pre-1982) Modified Accrual (Fund Accounting) Full Accrual (GASB 34) 5
  6. 6. Definitions GAAP - Generally Accepted Accounting Principles GASB - Governmental Accounting Standards Board CAFR - Comprehensive Annual Financial Report-defined format FCR - Financial Condition Report ‘Financial Position’ vs. ‘Financial Condition’ 6
  7. 7. Definitions (cont’d) GFOA - Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting AFRP - Agency Financial Reporting Package 7
  8. 8. GASB 34 “Basic Financial Statements - and Management’s Discussion and Analysis- for State and Local Governments” Financial Reporting presentation similar to ‘for-profit’ sector 3 year project started in 2001 400 page standard More emphasis on Financial Condition Capital Assets included in F/S Accrual Basis of Accounting for Entity-wide presentation Management’s Discussion and Analysis Required Supplementary Information (RSI) 8
  9. 9. CAFR “Comprehensive Annual Financial Report” Statistics for 2007 CAFR 1. $170 billion in entries 2. 162 entries 3. 7,300 entry lines 9
  10. 10. CAFR “Comprehensive Annual Financial Report” Three Major Sections: 1. Introductory 2. Financial 3. Statistical 10
  11. 11. CAFR “Comprehensive Annual Financial Report” Introductory Section 1. Comptroller’s Letter 2. Financial Overview 3. Certificate of Achievement 4. Organization Chart and State Officials 11
  12. 12. CAFR “Comprehensive Annual Financial Report” Financial Section 1. Management’s Discussion and Analysis 2. Basic Financial Statements 3. Required Supplementary Information (RSI) 4. Other Supplementary Information 12
  13. 13. CAFR - Basic Financial Statements Entity-wide financial statements Statement of Net Assets Assets, Current, Noncurrent Liabilities, Current, Noncurrent Net Assets 13
  14. 14. CAFR - Basic Financial Statements Entity-wide financial statements Statement of Activities Expenses & Program Revenues Functions/Programs Primary Government & Business Type Activities 14
  15. 15. CAFR - Basic Financial Statements Governmental Funds Balance Sheet Assets Liabilities Fund Balances Statement of Revenues, Expenditures & Changes in Fund Balances Revenues Expenditures Other Financing Sources (Uses) Reconciliations 15
  16. 16. CAFR - Basic Financial Statements Enterprise Funds Statement of Net Assets Assets Liabilities Net Assets Statement of Revenues, Expenses & Changes in Fund Net Assets Operating Revenue/Expenses Non-operating Revenues/Expenses Other Revenues and Transfers Statement of Cash Flows 16
  17. 17. CAFR - Basic Financial Statements Fiduciary Funds Statement of Fiduciary Net Assets Assets Liabilities Net Assets Statement of Changes in Fiduciary Net Assets Additions Deductions Change in Net Assets 17
  18. 18. CAFR - Basic Financial Statements Discretely Presented Component Units Statement of Net Assets Assets Liabilities Net Assets Statement of Activities Expenses Revenues Change in Net Assets 18
  19. 19. CAFR Required Supplementary Information (RSI) 1. Budgetary Schedule-Financial Plan to Actual-General Fund and Special Revenue Funds 2. Notes to Budgetary Basis Reporting 3. Infrastructure Assets using the Modified Approach 19
  20. 20. CAFR Other Supplementary Information 1. Combining Balance Sheet 2. Combining Statement of Revenues, Expenditures and Changes in Fund Balances 3. Combining Schedule of Cash Receipts and Disbursements Budgetary Basis-Financial Plan to Actual 20
  21. 21. CAFR “Comprehensive Annual Financial Report” Statistical Section 1. Demographic 2. Economic 3. Miscellaneous 4. Ten year presentation, when available 21
  22. 22. Current GASB Statements GASB 43 - Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans GASB 45 - Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions 22
  23. 23. Current GASB Statements GASB 44 - Economic Condition Reporting: The Statistical Section GASB 47 - Accounting for Termination Benefits GASB 48 - Sales and Pledges of Receivables and Future Revenues and Intra-Entity Transfers of Assets and Future Revenues 23
  24. 24. Current GASB Statements GASB 49 - Accounting and Financial Reporting for Pollution Remediation Obligations GASB 50 - Pension Disclosures GASB 51 - Accounting & Financial Reporting for Intangible Assets 24
  25. 25. Financial Reports 25
  26. 26. Other Financial Reports 1. Financial Condition Report (FCR) Presents the State’s ‘Financial Condition’ rather than ‘Financial Position’ The State’s Popular Report 2. Interim GAAP Basis Reporting Prepared quarterly (June, September and December) 26
  27. 27. Agency Financial Reporting Package-AFRP Gross Accounts Receivable approximately 50 agencies Gross Miscellaneous Liabilities approximately 20 agencies Compensated Absences approximately 300 agencies. 27
  28. 28. Agency Financial Reporting Package On-Line System 1. Agency Financial Reporting Package (AFRP) Collects information from approximately 215 State agencies Used for annual and interim reporting 28
  29. 29. Summary GAAP financial statements and the CAFR are required to: 1. Present timely modified accrual and full accrual-based financial statements to the public, bond rating agencies, investment banks, etc. 2. Critical for recognizing the true financial position and condition of the State. 3. Critical for determining bond ratings, issuing debt, etc. 4. Important for comparability with other states. 29
  30. 30. Questions/Comments? David Hasso (518) 486-1233 dhasso@osc.state.ny.us Suzette Baker (518) 486-1234 sbaker@osc.state.ny.us 30

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