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Participants in the Statement of Financing Workgroup

This document presents the recommendations of the Statement of Financing Workgroup to simplify the format of the current statement and replace it with two reconciliations: one for Budgetary Obligations & Net Cost of Operations, and another for Total Financing Sources & Total Budgetary Resources.

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Participants in the Statement of Financing Workgroup

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  1. Participants in the Statement of Financing Workgroup Alice Rice, OSD-Compt Don Geiger, Treasury DCFO DOD: Cynthia Robinson, DFAS.MIL Martha Cooper, DFAS.Mil Kathy Sherill, OSD-COMPT Agriculture: Kevin Close, USDA David Surti, USDA Interior: Dee Huit, DOI Treasury: Phillip Howland, Treasury DCFO Labor: Greg James, Labor Education: Keith Ingram, Education Internal Revenue Service: Louis Malfait, IRS National Science Foundation: Janice Alexander, NSF Advisory Capacity: Eileen Parlow, FASAB Richard Fontenrose, FASAB Judy Yuran, FMS Melinda Pope, FMS

  2. Our Group took into consideration the following • overwhelming feeling that this statement is misunderstood by preparers, auditors and the average users of the financial statement. • a general feeling that the SOF should be eliminated, or moved to footnote or supplementary disclosure. • The FASAB concepts and standards that govern the SOF are included in SFFAS#7 and SFFAC#2. • Generally the wording, concerning the SOF, in the FASAB concepts & standard are too specific. • The current crosswalk, based on the logic of the headings, groupings and sub-totals in the current format, have too many logical requirements (i.e. if increase include on this line, if decrease include on different line)

  3. Statement of Financing Workgroup Recommendations Simplify the Format Remove many of the headings & sub-totals Replace current format/logic with 2 reconciliations A Reconciliation of Budgetary Obligations & Net Cost of Operations A Reconciliation of Total Financing Sources to Total Budgetary Resources

  4. Statement of Financing Workgroup Recommendations Simplify the Format Remove many of the headings & sub-totals Replace current format/logic with 2 reconciliations A Reconciliation of Budgetary Obligations & Net Cost of Operations A Reconciliation of Total Financing Sources to Total Budgetary Resources Reconciliation of Budgetary Obligations & Net Cost Start with Obligation Incurred from SBR not shown on the SBR not shown on the SNC Reconcile to Net Cost of Operations from SNC

  5. Statement of Financing Workgroup Recommendations Simplify the Format Remove many of the headings & sub-totals Replace current format/logic with 2 reconciliations A Reconciliation of Budgetary Obligations & Net Cost of Operations A Reconciliation of Total Financing Sources to Total Budgetary Resources Reconciliation of Total Financing Sources to Total Budgetary Resources Reconciliation of Budgetary Obligations & Net Cost Start with Obligation Incurred from SBR Start with Total Financing Sources SCNP not shown on the SCNP not shown on the SBR not shown on the SNC not shown on the SBR Reconcile to Net Cost of Operations from SNC Reconcile to Total Budgetary Resources from SBR

  6. Statement of Financing Workgroup Recommendations Simplify the Format Remove many of the headings & sub-totals Replace current format/logic with 2 reconciliations A Reconciliation of Budgetary Obligations & Net Cost of Operations A Reconciliation of Total Financing Sources to Total Budgetary Resources Reconciliation of Total Financing Sources to Total Budgetary Resources Reconciliation of Budgetary Obligations & Net Cost Start with Obligation Incurred from SBR Start with Total Financing Sources SCNP not shown on the SCNP not shown on the SBR not shown on the SNC not shown on the SBR Bridge with Unobligated Balance From SBR Reconcile to Net Cost of Operations from SNC Reconcile to Total Budgetary Resources from SBR

  7. Statement of Financing Workgroup Recommendations Long Term FASAB Recommendations Simplify the Format Draft changes to concepts and standards to remove requirements to include a reconciliation of Total Financing Remove many of the headings & sub-totals Replace current format/logic with 2 reconciliations Draft changes to concepts and standards to clarify the purpose of the Statement. The purpose should be to reconcile difference created by the budgetary & proprietary accounting methods. A Reconciliation of Budgetary Obligations & Net Cost of Operations A Reconciliation of Total Financing Sources to Total Budgetary Resources change to the name to “A Reconciliation of Budgetary Obligations & Net Cost of Operations” Reconciliation of Total Financing Sources to Total Budgetary Resources Reconciliation of Budgetary Obligations & Net Cost Start with Obligation Incurred from SBR Start with Total Financing Sources SCNP not shown on the SBR not shown on the SCNP not shown on the SNC not shown on the SBR Bridge with Unobligated Balance From SBR Reconcile to Net Cost of Operations from SNC Reconcile to Total Budgetary Resources from SBR

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