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Financial Reporting. 2007 FMC Conference Georgia Fiscal Managers – The Key to the Best Managed State. Agenda. Budgetary Reporting Getting Ready for Year-End Financial Reporting Deadlines Capital Assets/Asset Management What’s Next?. Budgetary Reporting. FY 2006
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FinancialReporting 2007 FMC Conference Georgia Fiscal Managers – The Key to the Best Managed State
Agenda Budgetary Reporting Getting Ready for Year-End Financial Reporting Deadlines Capital Assets/Asset Management What’s Next?
FY 2006 Advent of Program Budgeting “Fuzzy” Guidance – Legal Level of Control System Constraints (identifying program) Resulting lack of Compliance (Auditor’s report) Letter from COO/CFO/SAO Budgetary Reporting
FY 2007 PeopleSoft Redesign (program chartfield) System Integration (PS/BudgetNet) Clearer Direction (SAO/OPB Training) Budgetary Reporting
Outstanding Issues Budgeting carry-over funds Budget Year identification Budgetary Reporting
Progress toward resolution Ongoing collaboration between SAO/OPB in policy development Agency feedback/validation of options 2008 Control level Budgetary Reporting
Reconciliations Subsidiary ledgers to G/L Bank accounts to G/L All activity is on General Ledger Getting Ready for Year-End
Monitor Budgets – Budget Comparison Reports Revenues Expenditures Getting Ready for Year-End
InterUnit Activity Queries Expenditures must be posted for established A/Rs Getting Ready for Year-End
Examine trial balances by funding source Clean-up – look at balances in “old” funds Getting Ready for Year-End
Analysis of fund balance Mail all bank confirmations (June 30) Start (or continue) accumulation of lease data Getting Ready for Year-End
Outstanding Issues I T Expenditures – account 872xxx PeopleSoft Year-End Closing Entry – Restricted Funding Sources Getting Ready for Year-End
PeopleSoft – 2 periods open BE CAREFUL ! Don’t combine budget periods on transactions Getting Ready for Year-End
July 27 – 29: PeopleSoft Close Forms Deadlines: August 17 Analysis of fund balance (reserves?) Financial Reporting Deadlines
Forms Deadlines: August 24 Revenues based on encumbrances Program/general revenue Allowance for doubtful accounts Financial Reporting Deadlines
Forms Deadlines: August 31 Reserve Requests September 7 Capital Assets/Depreciation Financial Reporting Deadlines
Forms Deadlines: September 14 Capital/Operating Leases (Includes Lease Agreement Data Forms) General Long-Term Debt September 21 Cash and Investments Financial Reporting Deadlines
Forms Deadlines: September 28 General and Other Information CPA Reports due October 1 Financial Reporting Deadlines
History of “Issues” Multiple Initiatives in progress BLLIP AMP Over-arching policy for Capital and other Assets Capital Assets/Asset Management
Project (still in infancy) Identification of Key Stakeholders SAO OPB DOAS SPC Capital Assets/Asset Management
Areas of Concentration Leases – Capital and Operating Small value/“sensitive” assets CIP – Reconciling with GSFIC Capital Assets/Asset Management
Expected Outcomes Elimination of findings/qualification Single source of record Integration among all systems Capital Assets/Asset Management
Expected Outcomes Enhanced, consistent policies Clearly-defined procedures Account code/system changes Capital Assets/Asset Management
GASB Statement Nos. 43 and 45 – “OPEB” What’s Next?
GASB Statement No. 48 - Sales and Pledges of Receivables and Future Revenues and Intra-Entity Transfers of Assets and Future Revenues Pertinent section – Asset Transfers (Assets should not be revalued) Effective FY 2008 What’s Next?
AICPA Statements on Auditing Standards (SAS) 104-111 “Risk Suite” [Preview of Session on Internal Controls] What’s Next?
Risk Suite Emphasis on management’s risk assessment, monitoring of controls, and responsibility for account balances Emphasis on proactive programs by management and not just on controls What’s Next?
Risk Suite – SAO Response Evaluation of Requirements Guidance for State organizations What’s Next?