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Chapters 7-8-9

Chapters 7-8-9. The Governmental Fund Accounting Cycle: Proprietary Funds Fiduciary Funds . Cap ítulo 7. Los problemas asignados del Cap. 7 fueron: Problema 7-1 Problema 7-2 Problema 7-3 Problema 7-4 Problema 7-5. Cap ítulo 8 . Fondos de Fiduciarios

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Chapters 7-8-9

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  1. Chapters 7-8-9 The Governmental Fund Accounting Cycle: Proprietary Funds Fiduciary Funds

  2. Capítulo 7 • Los problemas asignados del Cap. 7 fueron: • Problema 7-1 • Problema 7-2 • Problema 7-3 • Problema 7-4 • Problema 7-5

  3. Capítulo 8 • Fondos de Fiduciarios • Son fondos usados para contabilizar activos que mantiene en forma de fideicomisos o por una agencia que actua como fideicomiso. • Este tipo de fondo incluye: • Employee Pension Trust Funds • Investment Trust Funds • Private Purpose Funds • Agency Funds

  4. Capítulo 8 • Employee Pension Trust Funds • Investment Trust Funds • Private Purpose Funds • Agency Funds TODOS SE ENFOCAN EN “ECONOMIC RESOURCES” Y EL MÉTODO USADO PARA CONTABILIZAR FONDOS Y ENTRADAS DE JORNAL ES EL ACUMULADO.

  5. Employee Pension Trust Funds • Fondos de Fideicomiso de Pensiones para Empleados • PERS – Public Employee Retirement Systems • Son sistemas operados por unidades de gobierno para contabilizar los fondos de pensiones de retiros para los empleados. • Estos fondos proveen beneficio de retiros para los empleados de gobierno. • Este fondo normalmente recibe las pagos que el gobierno y los empleados aportan a su retiro.

  6. Definitions • 1. Defined benefit plan—a pension plan that specifically identifies the amount an employee is to receive upon retirement—a formula is usually used to determine the amount. With this type of plan the government must provide enough resources to pay the predetermined benefits. • 2. Defined contribution plan—a pension plan that does not guarantee a specific amount of retirement benefits. Instead, the employee’s retirement benefits are determined when he or she retires based on the amount accumulated in the plan. With this type of plan, the government must make specific contributions for the employees.

  7. Definitions • 3. Postretirement benefits—benefits to be received by employees after they retire. GASB has divided these benefits into two groups: pensions and other postretirement benefits. • 4. Net assets held in trust for pension benefits—the excess of the assets held by a pension plan in excess of the plan’s liabilities.

  8. Definitions • 5. Unfunded actuarial accrued liability—the excess of the actuarial accrued liability over the actuarial value of a pension plan’s assets • 6. Net pension obligation—the excess of required contributions made to a pension plan over the actual contribution

  9. Tipos de Planes de Retiro Los planes de retiro se pueden dividir en dos (p. 310…Types of Pension Funds) 1. Defined Benefit Plans 2. Contribution Plans

  10. Defined Benefit Plans • Son planes de retiro que están garantizados por uno beneficios en específico en el momento del empleado retirarse. • Estos beneficios usualmente son determinados por una fórmula y un porciento de crédito que normalmente es un 2%. • Para esta fórmula se usan los tres años con los sueldo anuales altos. • Es seguro. • Ejemplo ver p. 310

  11. Contribution Plans • Son planes de retiro en donde no hay una garantía. • Los beneficios son establecidos al momento en que se retiran los empleados, basados en la cantidad que los empleados han acumulado. • Al momento de pagar este tipo de pensión se toman en consideración los aumentos en salarios, las tasas de mortalidad, las ganancias o pérdidas de la inversión que el gobierno haya recibido en estos fondos, los costos administrativos, y cualquier otro factor relacionado, lo cual representan que son más arriesgados estos tipos de planes de pensiones.

  12. En ambos de planes de pensiones tanto el gobierno como los empleados pueden aportan.

  13. Accounting for Pension Activities • La contabilidad para los planes de Pensiones se expone en los GASB Statements No. 25 y 27. • GASB 25: Financial Reporting for Defined Benefit Pension Plans and Note Disclosures for Defined Contribution Plans. • GASB 27: Accounting for Pensions by State and Local Governmental Employers.

  14. Para discutir este tema usaremos el ejercicio del Cap. 8 Pags. 311 – 320

  15. The City of Angusville has had a PERS in operation for several years. • The PERS Trial Balance as of December 31, 2003 is presented in Table 8-1, page 312.

  16. Assume that investment income of $ 500,000 is received in cash. This amount includes income accrued the beginning of the year, $ 55,000: PTF Cash 500,000 Interest Receivable 55,000 Additions-interest on investments 445,000 • If retirement annuities of $23,000 are paid, a “deduction” is recorded: PTF Deductions – retirement annuities 230,000 Cash 230,000 • If accouting cost are $12,000 and investment management costs amount to $8,000, the following entries are made: PTF Deductions-administrative costs 12,000 Deductions-investments management costs 8,000 Due to General Fund 20,000 GF Due from PERS 20,000 Expenditures – Administrative Costs 12,000 Expenditures – Investments Management Costs 8,000

  17. Investment Income of $50,000 earned but not received at the end of the year is recorded as follows: PTF Interest Receivable 50,000 Additions-Interest on Investments 50,000 • Dividends received (10,000) during the year from investments are recorded as follows: PTF Cash 10,000 Additions – dividends 10,000 • The sales of investments in corporate stocks result in a gain of $10,000 and the amount collected from these sale is $50,000: PTF Cash 50,000 Investments – corporate stocks 40,000 Additions-net appreciation in fair value of investments 10,000

  18. Investments are reported at fair market value. The value of the investment portfolio increased by $25,000, the following entry is made: PTF Investments – corporate stocks 25,000 Additions-net appreciation on fair value of investments 25,000 • During the year, the fund incurred maintenance costs on its building totaling $5,000 and purchased new computer equipment at a cost of $30,000. Depreciation on all of the equipment owned by the PERS is $1,000, plus $10,000 for the building. PTF Deductions – Buildings Maintenance Cost 5,000 Cash 5,000 PTF Equipment 30,000 Cash 30,000 PTF Deductions – Depreciation on Equipment 1,000 Deductions – Depreciation on Building 10,000 Accumulated Depreciation – Equipment 1,000 Accumulated Depreciation – Building 10,000

  19. During the year additional administrative cost of $15,000 PTF Deductions-administrative costs 15,000 Accounts Payable 15,000 • Payments on accounts payable during the year are recorded as follows: PTF Accounts Payable 75,000 Cash 75,000 • The retirement plan illustrated equal contributions by the employees and the government. When the amount of each contribution is determined, $200,000 in this case, the following entry is made: PTF Due from General Fund 400,000 Additions-pension contribution-employees 200,000 Additions-pension contribution-employer 200,000

  20. Collections from the General Funds of $400,000 are recorded as follows: PTF Cash 400,000 Due from General Fund 400,000 TODAS LAS ENTRADAS APLICABLES A EL GENERAL FUND ESTAN EXPUESTAS EN LA PAGINA 314 DEL LIBRO DE TEXTO.

  21. Preparar el Ejercicio 8-4 Preparar el Problema 8-1

  22. Ejercicio 8-4 • The PTF maintained by the city of Greenville incurred the following transactions during 2004. Record each transactions in the PTF. Ignore any other funds that may be involved in a transaction.

  23. 1. Contribution of $500,000 were received from General Fund employees and the Genera Fund Contributed its share of $100,000. • Cash 600,000 • Additions—pension contributions—plan members 500,000 • Additions—pension contributions—employer 100,000 • 2. The fund paid $ 500 for investment its share of $100,000. • Deductions—investment management fees 500 • Cash 500 • 3. Investments held by the fund increased in value by $3,500. • Investments 3,500 Additions—net appreciation in fair value of investments 3,500 • 4. Depreciation on fund assets totaled $800. • . Deductions—depreciation on fund assets 800 • Accumulated depreciation on fund assets 800

  24. 5. Retirement benefits of $5,000 were paid to retirees. • Deductions—retirement annuities 5,000 • Cash 5,000 • 6. Interest of $2,500 and dividends of $1,400 were received form investment. • Cash 3,900 • Additions—interest on investments 2,500 • Additions—dividends 1,400

  25. Problema 8-1 • 1. • Cash 750,000 • Additions—pension contributions:employee 258,750 • Additions—pension contributions:employer 491,250 • 2. • Investments—corporate stocks 500,000 • Cash 500,000

  26. 3. Cash 210,000 • Investment income receivable 210,000 • Cash 4,290,000 • Investment income receivable 510,000 • Additions—interest on investments 3,950,000 • Additions—dividends 850,000 • 4. Deductions—retirement annuities 3,500,000 • Cash 3,500,000 • 5. Investments—U.S. government securities 1,100,000 • Cash 1,100,000

  27. 6. Accrued expenses 12,000 • Cash 12,000 • Deductions—administrative costs 175,000 • Cash 150,000 • Accrued expenses 25,000 • 7. Cash 600,000 • Investments—U.S. government securities 500,000 • Additions—interest on investments 100,000 • 8. Investments—corporate stocks 1,000,000 • Additions—net appreciation • in fair market value of • investments 1,000,000

  28. VER LOS ESTADOS FINANCIEROS Estados Financieros del Problema 8-1

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