For most New Jersey school districts, the starting point will be the fund-based financial statement. Certain modifications to the modified accrual basis fund statements performed utilizing a spreadsheet will result in the government-wide financial statement format. A summary of the potential modifications follows:

CAPITAL ASSETS
The following data is necessary to implement GASB No. 34:
1) Accumulated Depreciation.
2) Current-year depreciation expense by functional area.
3) Current-year capital acquisitions by functional area.
4) Book value of capital assets disposed of during the year.

LONG-TERM DEBT
The following data is necessary to implement GASB No. 34:
1) Current-year capital debt payment by functional area.
2) Current-year capital debt issuance.
3) Current-year change in non-capital debt by functional area. A common example might be terminal leave or compensated absences.
4) Accrued interest on long-term debt.
5) Current-year change in accrued interest.

CERTAIN REVENUE ITEMS
School districts will have to track certain tax and grant revenues under the modified accrual and the full accrual methods. The primary difference between fund statement revenue and government-wide statement revenue relates to taxes and grants that have not met the "available for use" criteria. Revenues received, but not available for use during the reporting period, will be considered deferred revenue within the government-wide statements. Districts will need to track such revenues under the modified accrual and accrual methods.

CALCULATION OF NET ASSET BALANCES FOR GOVERNMENTAL ACTIVITIES
It will be necessary to convert this year’s beginning net assets from modified accrual to the full accrual basis of accounting in order to achieve proper presentation of the District-wide Statement of Activities.