Disclosures Required By GASB Statement No. 34|
Summary And Adaptation Of Paragraph 115 GASB Statement No. 34
- A description of the district-wide financial statements, noting that
neither fiduciary funds nor component units that are fiduciary in nature
- The measurement focus and basis of accounting used in the district-wide
- The policy for eliminating internal activity in the statement of activities.
- The policy for applying FASB pronouncements issued after November
30, 1989, to business-type activities and to enterprise funds of the
- The policy for capitalizing assets and for estimating the useful lives
of those assets used in determining depreciation expense.
- A description of the types of transactions included in program revenues
and the policy for allocating indirect expenses to functions in the
statement of activities.
- The districts policy for defining operating and nonoperating
revenues of proprietary funds.
- The districts policy regarding whether to first apply restricted
or unrestricted resources when an expense is incurred for purposes for
which both restricted and unrestricted net assets are available.
Summary And Adaptation Of Paragraphs 116, 117, And 119
GASB Statement No. 34
Par. 116. School districts should provide detail in the notes to the
financial statements about capital assets and long-term liabilities reported
in the statement of net assets. The information disclosed should be divided
into major classes of capital assets and long-term liabilities as well
as between those associated with governmental activities and those associated
with business-type activities. Capital assets that are not being depreciated
should be disclosed separately from those that are being depreciated.
Par. 117. School districts should present information about major classes
of capital assets to include:
- Beginning and end-of-year balances with accumulated depreciation presented
separately from historical cost.
- Capital acquisitions during the reporting period.
- Sales or other dispositions during the reporting period.
- Current-period depreciation expense, with disclosure of the amounts
charged to each of the functions in the statement of activities.
Par. 119. School districts should include information about long-term
liabilities to include both long-term debt (such as bonds, notes, loans,
and leases payable) and other long-term liabilities (such as compensated
absences, and claims and judgments). Information presented about long-term
liabilities should include:
- Beginning and end-of-year balances (regardless of whether prior-year
data are presented on the face of the government-wide financial statements).
- Increases and decreases (separately presented).
- The portion of each item that is due within one year of the statement
- Governmental funds that had been used to liquidate other long-term
liabilities (such as compensated absences and pension liabilities) in
the prior years financial statements.