GAAP Adjustments by alicejenny

VIEWS: 3 PAGES: 8

									Highlights of Changes to the
2007 CSU GAAP Manual

Chapters 4, 6, and 13

KPMG LLP
       Chapter 4 - GAAP Adjustments

         Reclassify      FBC to Other LT-Investments
               for fund 0576. (page 4-19)
         Only      record deferred revenue for future
               services where payments have been
               received prior to year-end. If a student
               pre-registers (i.e. advance registration) for
               classes, but does not prepay, then no
               deferred revenue should be reported.
               (page 4-30)


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May 22, 2007                  GAAP Reporting Workshop
       Chapter 4 - GAAP Adjustments (cont’d)

         GAAP        changes from RMP
                  Effective FYE 6-30-07, no new prepayments on
                   CSURMA insurance premiums. Campus may have
                   multi-year prepayments paid in prior years that will
                   still be a future year premium at 6-30-07. (page 4-
                   21)
                  Reclassify net cash from ST-Investments 108090.
                   Need to consider proper net asset categories. (page
                   4-48)
                  Analyze investment income in 0948.499 to determine
                   if any of the investment income is related to
                   restricted CSU funds, such as FSEOG, Pell Grant,
                   etc. and therefore must be reclassified to the
                   appropriate net asset categories. (page 4-49)


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May 22, 2007                      GAAP Reporting Workshop
       Chapter 4 - GAAP Adjustments (cont’d)

         GAAP           changes from RMP (cont’d)
                  A new line item for transfers will be added to the
                   SRECNA in the reporting package (YES)
                        SWAT transfers 506100 and 680100 will be reported on
                         this line item. (page 4-49)
                        Expenditure adjustment 690003 from supplemental
                         allocation order or de-allocation order will be reported on
                         this line item. (page 4-49)
                        Campus needs to evaluate any other campus specific
                         inter-agency transfers to determine whether it should
                         truly be reported as a transfer or whether it needs to be
                         reclassified to the appropriate line item for GAAP
                         reporting purposes. Refer to GASB Statement No. 34
                         paragraph 112 for guidance. (page 4-46)


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May 22, 2007                          GAAP Reporting Workshop
       Chapter 6 - Statement of Cash Flows

              Cash flows affected by reclassification of A/R from CO to
               investments held by CO:
                    Current year activity in FBC for 0575.204 (centralized
                     unions), and 0576 should be analyzed as specified in steps
                     26 and 28 to determine the proceeds from sales of
                     investments and cash used to purchase investments,
                     respectively. (page 6-10)
                    Change in investment balance for fund 0578 represents
                     monies transferred in excess of debt service payments or
                     debt service payments in excess of monies transferred, plus
                     any investment income received. Since investment income
                     received is shown on a separate line item, the remaining
                     change in the investment balance can be classified as sales
                     of investments if the net change is a decrease in the balance,
                     or purchases of investments if the net change is an increase
                     in the balance. (page 6-10)

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May 22, 2007                           GAAP Reporting Workshop
       Chapter 6 - Statement of Cash Flows (cont’d)

         Cash      flows affected by reclassification of A/R
               from CO to investments held by CO (cont’d):
                   Reclassify PY’s ending balances for A/R and
                    Investments to determine the changes on the
                    SNA. (cash flows workbook)




         Added       interest expense reconciliation on the
               additional cash flows data worksheet. (cash
               flows workbook)


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May 22, 2007                    GAAP Reporting Workshop
       Chapter 13 - Capital Assets Guide

         Provided       additional discussion to
               capitalization of software development costs.
               (page 18)
         Provided      additional discussion of costs
               associated with (CMS) / PeopleSoft
               implementation and upgrade. (page 19)
         Identified     types of campus costs after
               baseline product delivery and provided
               guidance on whether they should be
               capitalized or expensed. (page 20)


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May 22, 2007                  GAAP Reporting Workshop
               Questions??




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May 22, 2007   GAAP Reporting Workshop

								
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