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FINANCIAL REPORTING MODEL DEFINITION

FINANCIAL REPORTING MODEL DEFINITION. The format or frame-work used to organize and present data in external financial reports. BUSINESS Single Entity Approach Focus on Total Economic Resources Financial Statements Balance Sheet Operating Statement Cash Flow Statement. GOVERNMENT

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FINANCIAL REPORTING MODEL DEFINITION

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  1. FINANCIAL REPORTING MODEL DEFINITION The format or frame-work used to organize and present data in external financial reports.

  2. BUSINESS Single Entity Approach Focus on Total Economic Resources Financial Statements Balance Sheet Operating Statement Cash Flow Statement GOVERNMENT Fund Accounting Short-term Focus on Current Financial Resources Reporting MD&A BFS RSI (Budgetary Rptng) BUSINESS MODEL VS. CURRENT GOVERNMENTAL MODEL

  3. GOVERNMENT’S BASIC FINANCIAL STATEMENTS • Government-wide financial statements • Fund Financial Statements • Notes to the Financial Statements

  4. Government-Wide Statement of Net Assets Statement of Activities Governmental Funds Balance Sheet Statement of Revenues, Expenditures, and Changes in Fund Balances Proprietary Funds Statement of Net Assets Statement of Revenues, Expenses, and Changes in Fund Net Assets Statement of Cash Flows Fiduciary Funds Statement of Net Assets Statement of Changes in Net Assets FINANCIAL STATEMENTS

  5. Governmental Funds General Fund Special Revenue Funds Capital Projects Fund Debt Service Fund Permanent Funds Proprietary Funds Enterprise Funds Internal Service Funds Fiduciary Funds Pension and Other Employee Trust Funds Investment Trust Funds Private Purpose Trust Funds Agency Funds FUND FINANCIAL STATEMENTS - Which Funds?

  6. Governmental Funds Modified Accrual Flow of Current Financial Resources Proprietary Funds Full Accrual Economic Resources Fiduciary Funds Full Accrual Economic Resources Not the State’s Money Government-Wide Govt’l Activities Full Accrual Economic Resources No Fiduciary Activity Business Type Activities Full Accrual Economic Resources No Fiduciary Activity Internal Service From Funds to Entity-Wide

  7. Full Accrual Revenues are recorded when goods/service are provided Expenditures are recorded when the benefit is received Capital Assets are recorded and depreciated Modified Accrual Revenues are recorded in the period they become available and measurable Expenditures are liabilities expected to be liquidated from “available expendable financial resources” (i.e., budgeted) Capital Assets are no where in sight MODIFIED VS FULL ACCRUAL

  8. Full Accrual Capital Assets Recorded Capital Assets Depreciated Full Compensated Absence Liability Long-Term Debt and Leases Are Not Revenue Long Term Revenue Recognized Modified Accrual No Capital Assets No Depreciation Limited Compensated Absence Liability Record Revenue for: Bond Proceeds Lease Proceeds Advances Defer Unavailable Revenue SPECIFIC DIFFERENCES

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