Chapter 3 Mapping Legal to GAAP Sedong John CSU Chancellor’s Office KPMG LLP.
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Transcript of Chapter 3 Mapping Legal to GAAP Sedong John CSU Chancellor’s Office KPMG LLP.
Chapter 3Mapping Legal to GAAP
Sedong JohnCSU Chancellor’s Office
KPMG LLP
2
May 22, 2007 GAAP Reporting Workshop
Purpose of Mapping
To convert legal-basis classifications to GAAP financial statement classifications
3
May 22, 2007 GAAP Reporting Workshop
Flow of Information
Input Translation/Conversion Campus Output Systemwide Output
CMP BU
Detail Transactions FNAT/AATCampus user reports; State legal-basis reports (SAM99,
SAM07, etc.)
CSU BU
FIRMS Derivation (Program Codes and
Object Codes)FIRMS Extract program
FIRMS legal-basis data submission
SCO reports; management information
GAP BU
GAAP Derivation (Program Group
Codes, GAAP Object Codes, Net Asset
Categories)
TM1/GAAP Extract Program
GAAP reporting package/campus financial statements; FIRMS GAAP
submission
CSU consolidated financial statements;
Federal F&A rate calculation
4
May 22, 2007 GAAP Reporting Workshop
Data Elements Affecting Conversion
CSU Funds determine Net Assets classification (Matrix 1)
Valid combinations with GAAP line items (Matrix 3.2)
Object Codes (Accounts) determine GAAP line item classification except functional
classification of expenses and classification of Net Assets (Matrix 2, Matrix 3.1)
Program Codes determine GAAP line item classification of expenses using
functional classification (Matrix 3.1)
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May 22, 2007 GAAP Reporting Workshop
Data Elements That Determine Classification
Classification Primary Determinant
AssetsFIRMS Object Code (PeopleSoft Account)
Statement of Net Assets LiabilitiesFIRMS Object Code (PeopleSoft Account)
Net Assets CSU Fund
RevenuesFIRMS Object Code (PeopleSoft Account)
Statement of Revenues, Expenses, and Changes in Net Assets
Expenses-Functional Classification FIRMS Program codeExpenses-Natural Classification
FIRMS Object Code (PeopleSoft Account)
Statement of Cash Flows Prepared separately
6
May 22, 2007 GAAP Reporting Workshop
Account Hierarchy
State GL Account
FIRMS Object Code
Campus Account
GAAP Line Item
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May 22, 2007 GAAP Reporting Workshop
Things to Watch
Review the conversion results from xxCSU B.U. to xxGAP B.U.
Some CSU Funds may need to classified to more than one Net Assets categories.
Some Object Codes may need to be classified to more than one GAAP line items (e.g., cash, investments, etc.)
Items that need to be eliminated or reclassified (e.g., transfers, reimbursed activities, etc.)
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May 22, 2007 GAAP Reporting Workshop
Summary of Changes to Chapter 3
Overview
Updated to reflect implementation of Revenue Management Program (RMP)
Expanded instructions for FIRMS GAAP submission
Addition of new State/CSU funds
Reclassification of some non-operating revenues to operating revenues
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May 22, 2007 GAAP Reporting Workshop
Summary of Changes - continued
Matrix 1 The following funds have been added:
State Fund 6048, CSU Fund 321 (2006 HECOBF) CSU Fund 485 (TF-CSU Operating Fund) CSU Fund 497 (TF-State Pro Rata Charge Distribution) CSU Fund 499 (TF-Internal Service Fund) CSU Fund 531 (TF-Housing Operations & Revenue) CSU Fund 532 (TF-Housing Maintenance & Repair CSU Fund 533 (TF-Housing Construction) CSU Fund 534 (TF-Campus Union Operations & Revenue) CSU Fund 535 (TF-Campus Union Maintenance & Repair) CSU Fund 536 (TF-Campus Union Construction) CSU Fund 537 (TF-Aux Org Operations & Revenue) CSU Fund 538 (TF-Aux Org Maintenance & Repair) CSU Fund 539 (TF-Aux Org Construction)
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May 22, 2007 GAAP Reporting Workshop
Summary of Changes - continued
Matrix 2 Addition of object codes 105038(Due from Fund
6048) and 202035 (Due to Fund 6048)
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May 22, 2007 GAAP Reporting Workshop
Summary of Changes - continued
Matrix 3.1
1. Moved the following object codes from other non-operating revenues to other operating revenues:
580006 (Installment Charges)
580007 (Trust Receipts)
580008 (Campus Collection Cost)
580009 (Revenue from Late Charges)
580014 (Copyrights, Patents, and Licenses)
580015 (Royalty)
2. Object code 580093 is available to record other non-operating revenues.
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May 22, 2007 GAAP Reporting Workshop
Summary of Changes - continued
Matrix 3.2
1. General Fund (i.e., CSU Funds 001 – 020 except 017) has been updated to reflect RMP implementation.
The following funds have been added: State Fund 6048, CSU Fund 321 (2006 HECOBF) CSU Fund 485 (TF-CSU Operating Fund) CSU Fund 497 (TF-State Pro Rata Charge Distribution) CSU Fund 499 (TF-Internal Service Fund) CSU Fund 531 (TF-Housing Operations & Revenue) CSU Fund 532 (TF-Housing Maintenance & Repair CSU Fund 533 (TF-Housing Construction) CSU Fund 534 (TF-Campus Union Operations & Revenue) CSU Fund 535 (TF-Campus Union Maintenance & Repair) CSU Fund 536 (TF-Campus Union Construction) CSU Fund 537 (TF-Aux Org Operations & Revenue) CSU Fund 538 (TF-Aux Org Maintenance & Repair) CSU Fund 539 (TF-Aux Org Construction)