State Controller’s Office (SCO) GAAP Adjustments

Template

1 Normally, SCO needs GAAP adjustments f or Funds 0001, 0498, 0839, 0947 and 0948 only. However,

if errors occurred in legal basis reporting previously submitted to SCO f or governmental f unds other

than those listed here, they also need to be reported. Ple

2 I f there are any campus specifi c adjustments, report only those that are greater than $50,000. Please

provide clear and complete description on any campus specific adjustments.

3 Add additional columns as needed f or campus specifi c entries.

4 Unless the entries are GAAP specifi c entries, campuses should try to record themin their legal books as

much as possible and minimize GAAP entries.

5 For any transf er entries, indicate the source and destination f und number in the explanation.

6 For accruals, report only those accruals that were not reported as accruals on legal basis.

7 Report only the NEW current year GAAP adjustments to the legal basis ending balances using the "gross

change" method

8 There is no need to distinguish between current and non-current assets and liabilities, or between

operating and non-operating revenues and expenses

9 For scholarship discounts & allowances, when the revenues and expenses are not in the same state f und,

transf ers-in and transf ers-out need to be entered at the state f und level to make the entries balance in

each column.

10 Please return the completed templates to the Chancellor' s Offi ce by August 22, 2005.

SCO GAAP I nstruction

Please read before starting the SCO GAAP entries

Questions??

Reporting Template is available at http://www.calstate.edu/sfsr/