1 / 12

Completing Your Reporting Package and Stand-Alone Financial Statements

Completing Your Reporting Package and Stand-Alone Financial Statements. Presented by Elisa Stilwell and Patty McClendon Senior Managers - KPMG LLP. Reporting Package Components. 2004 Campus Reporting Package includes: For the financial statement audit: Statement of Net Assets

mabli
Download Presentation

Completing Your Reporting Package and Stand-Alone Financial Statements

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. Completing Your Reporting Package and Stand-Alone Financial Statements Presented by Elisa Stilwell and Patty McClendon Senior Managers - KPMG LLP

  2. Reporting Package Components • 2004 Campus Reporting Package includes: • For the financial statement audit: • Statement of Net Assets • Statement of Revenues Expenses, and Changes in Net Assets • Statement of Cash Flows • Notes • For the A-133 audit: • Schedule of Expenditures of Federal Awards • Notes

  3. Reporting Package – Highlights of Significant Changes for 2004 • Note 3 – Cash, Cash Equivalents and Investments • Endowment cash and cash equivalents • Note 4 – Accounts Receivable • Other receivables must include a breakout of significant components • Note 8 – Long-term Liabilities Activity Schedule • Rollforward by individual debt issue and subtotal by debt type

  4. Reporting Package – Highlights of Significant Changes for 2004 (cont’d) • Note 14 – Transactions with Related Entities • Gross amounts of receivables and payables • Separate FASB and GASB columns • Note 16 – Other Information: Auxiliary Organizations • Endowment cash and cash equivalents • Composition of investments, current and noncurrent • Long-term liabilities activity schedule – breakout of significant components of other long-term liabilities • Prior period adjustment(s) information, if any, for GASB and FASB entities separately

  5. Reporting Package – Highlights of Significant Changes for 2004 (cont’d) • A-133 Audit (Single Audit) • Included in Reporting Package – see separate tab • Pass-through identifying number and pass-through source for each grant • Other Changes • Removal of statement of cash flows for discretely presented component units (auxiliary organizations) • More check formulas added • Version number and date submitted added to footer • Use standard naming convention for electronic file that includes only location name and version number (for example: “Chico_RP 2004_v1.xls”)

  6. Preparing Your Stand-Alone Financial Statements • Campus stand-alone financial statements include the following components: • Management’s Discussion and Analysis (MD&A) • Statement of Net Assets • Statement of Revenues, Expenses, and Changes in Net Assets • Statement of Cash Flows • Notes to the Financial Statements

  7. Preparing Your Stand-Alone Financial Statements • Timing depends on campus • Campus stand-alone financial statements should not be issued before the Systemwide financial statements (refer to Audit Timeline) • Access to technical accounting literature and resources to help ensure successful preparation of GAAP financial statements (refer to Chapter 14) • Use electronic template of proforma financial statements (included in Chapter 12) to begin the preparation process • Option of 1 year or 2 year comparative presentation • Electronic template should be tailored as applicable to the individual campus.

  8. Preparing Your Stand-Alone Financial Statements • MD&A • If opting for 1 year presentation, presentation of current year and prior year financial data is still required • Campus is responsible for drafting the MD&A. KPMG cannot assist under the new GAO Independence Standards. • More details on MD&A in separate presentation today

  9. Preparing Your Stand-Alone Financial Statements • Elimination of nonexchange transactions between the Campus and the discretely presented auxiliary organizations, if any • Based on the significance of the discretely presented auxiliary organizations to the financial reporting entity, the Campus must evaluate whether certain auxiliary information should be included in the notes to the financial statements. • KPMG campus teams must revise the opinion accordingly based on which accounting firms audit which auxiliary organizations (i.e. KPMG or other auditors)

  10. Preparing Your Stand-Alone Financial Statements • Required reclassification adjustments for stand-alone reporting purposes only (refer to Chapter 12) • Accounts receivable due from the Chancellor’s Office • Other changes to electronic template of the proforma financial statements • Tables included in notes to the financial statements are in excel format • Note 2 (a) Financial Reporting Entity – revisions to summary information for discretely presented auxiliary organizations

  11. Preparing Your Stand-Alone Financial Statements • Campus must submit a complete draft of the financial statements, including MD&A, to KPMG to begin the review process.

  12. Questions?

More Related