HELPFUL HINTS IN PREPARING YOUR DISTRICT TO MEET THE CHALLENGES
OF GASB 34 FINANCIAL REPORTING
If your district will be implementing GASB 34 for the
fiscal year beginning July 1, 2002 (Phase II – districts with revenues
between $10 and $100 million) there are steps you can take now to prepare
for the new reporting standards.
Attend training sessions offered by various organizations
(e.g., ASBO, NJSCPA).
Set up an MD&A file to help you prepare this
part of the CAFR readily. Include board resolutions and other documents
to explain significant budget changes from original to final (MD&A).
Start now to get your capital asset schedules
ready!!! Begin with July 1, 2002 balances, then you will only have
to add one year for the GASB 34 CAFR/. Determine what useful lives
you will use, calculate the accumulated depreciation for assets in
service at the beginning of the year. If you have or plan to get
an appraisal, check with your auditor that the information in the
report is adequate.
Prepare your own pro-forma statements using a previous
year such as June 30, 2002 CAFR data.
Understand the reconciling items for the reconciliation
of governmental fund balance to the district-wide net assets of governmental
activities. Refer to the bottom portion of exhibit B-1 for a sample
of this reconciliation
Review the sample Reconciliation of the Statement
of Revenues, Expenditures, and Changes in Fund Balances of Governmental
Funds to the Statement of Activities (Exhibit B-3 on the DOE web site)
for items that will be appropriate for your district.
Start entering your district’s original budget
now in the budgetary comparison statement.
There are approximately 330 districts implementing
GASB 34 at June 30, 2002. Don’t wait until next summer to get started!
