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GASB 54 Implementation Lessons Learned

GASB 54 Implementation Lessons Learned . State of Alaska Lisa Pusich. Getting Started. Established workgroup Met weekly and assigned research areas as determined necessary Engaged our Division of Legislative Audit in the discussions early

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GASB 54 Implementation Lessons Learned

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  1. GASB 54 ImplementationLessons Learned State of Alaska Lisa Pusich

  2. Getting Started • Established workgroup • Met weekly and assigned research areas as determined necessary • Engaged our Division of Legislative Audit in the discussions early • Obtained concurrence on fund classification and fund balance classification

  3. GASB 54 Fund Reclassification • General Fund • Permanent Funds • Special Revenue Funds • Debt Service Funds • Capital Projects Funds

  4. GASB 54 Classifications See Attachment #1

  5. Stabilization Funds • Constitutional Budget Reserve Fund • Statutory Budget Reserve Fund Failed Criteria: • Subject to controls that dictate the circumstances under which stabilization funds may be spent • Not expected to occur routinely

  6. GASB 54 Fund Balance Subcategories • Debt Service • Education • Health & Human Services • Public Protection • Permanent Fund • Development • Other Purposes See Attachment #2

  7. System Changes • Added codes to each fund to identify the classification for each governmental fund • Main Category (GASB 54 Fund Balance Classification) • Subcategory (State defined) • Did not change fund balance accounts within the accounting system

  8. Mapping • FY 2009 Fund Balance Classifications were recast for GASB 54 Presentation • Visual of the end product • Spreadsheets utilized as shell for FY 2010 workpapers • Provided to Division of Legislative Audit • Methodology reviewed in advance rather than during the time crunch of the audit process

  9. SONA • Additional mapping was necessary to ensure there was a crosswalk between the new fund balance subcategories to the restricted Statement of Net Assets (SONA) classifications.

  10. Notes • Summary of Significant Accounting Policies (Note 1) • Fund Balance Components • Commitments and Contingencies (Note 12)

  11. Encumbrances • The following shows encumbrances within the restricted and committed fund balances of the governmental funds for the fiscal year ended June 30, 2010 (in thousands):

  12. Contact Information • Lisa Pusich, State Accountant lisa.pusich@alaska.gov(907) 465-5616 • Tara Jeans, Accounting Services Supervisortara.jeans@alaska.gov(907) 465-5608 • FY 2010 CAFR http://fin.admin.state.ak.us/dof/financial_reports/cafr_toc.jsp

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