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TTU ACCT 5310 - Financial Reporting

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Financial Reporting: Deriving Government-Wide Financial Statements and Required ReconciliationsLearning ObjectivesSlide 3Getting StartedSources of Information for Conversion ProcessConversion ProcessCapital Outlay Expenditures (563)Sales of Capital Assets (566)Record Depreciation Expense 566Long-Term Debt Issues 566Long-Term Debt Retirement (567)Convert Interest Expenditures to Interest Expense (567)Special Notes on Interest AdjustmentClaims & Judgments 568Compensated Absences (568)Notes on GLTL Pensions, Claims & Judgments, and Compensated AbsencesConverting Revenues (569)Notes on Converting RevenuesEliminate Interfund Receivables/ Payables and Transfers (569-570)Notes on Receivables, Payables, & TransfersComplete the Worksheet (572)Overview of ISF Elimination ProcessOverview of ISF Elimination Process (continued)Slide 24Other AdjustmentsCalculations for Net AssetsPrepare Government-Wide Financial StatementsPrepare Reconciliations (shown in Chapter 13 for City of Tulsa)Financial Reporting:Financial Reporting:Deriving Government-WideDeriving Government-WideFinancial Statements and Financial Statements and Required ReconciliationsRequired ReconciliationsChapter 14Chapter 14Learning ObjectivesLearning ObjectivesUnderstand and explain the types of worksheet Understand and explain the types of worksheet adjustments needed to derive Governmental adjustments needed to derive Governmental Activities data for the Government-Wide Financial Activities data for the Government-Wide Financial Statements from Governmental Funds financial Statements from Governmental Funds financial statement data.statement data.Understand and explain the types of worksheet Understand and explain the types of worksheet adjustments needed to derive Business-Type adjustments needed to derive Business-Type Activities data for the Government-Wide Financial Activities data for the Government-Wide Financial Statements from Enterprise Funds financial Statements from Enterprise Funds financial statement data.statement data.Learning ObjectivesLearning ObjectivesPrepare worksheets deriving information for the Prepare worksheets deriving information for the Government-Wide Financial StatementsGovernment-Wide Financial StatementsPrepare the Government-Wide Financial Statements Prepare the Government-Wide Financial Statements from information derived in the conversion from information derived in the conversion worksheetsworksheetsDetermine whether an Internal Service Fund is part Determine whether an Internal Service Fund is part of Governmental Activities or Business-Type of Governmental Activities or Business-Type ActivitiesActivitiesPrepare the required reconciliations of Fund Prepare the required reconciliations of Fund Financial Statements to Government-Wide Financial Financial Statements to Government-Wide Financial StatementsStatementsGetting StartedGetting StartedFund financial statements are the Fund financial statements are the necessary foundation for the Government-necessary foundation for the Government-Wide Financial StatementsWide Financial StatementsPreparing the G-W statements is a matter Preparing the G-W statements is a matter of converting fund information into G-W of converting fund information into G-W informationinformationConversion process occurs at the end of Conversion process occurs at the end of the yearthe yearXSources of Information for Sources of Information for Conversion ProcessConversion ProcessFund financial statements – primarily the Total Fund financial statements – primarily the Total columnscolumnsGovernmental Funds are affected by the most Governmental Funds are affected by the most adjustmentsadjustmentsLimited adjustments to the Enterprise FundsLimited adjustments to the Enterprise FundsInternal Service Funds will be eliminatedInternal Service Funds will be eliminatedFiduciary Funds not included in adjustment process Fiduciary Funds not included in adjustment process as they are not included in Government-Wide as they are not included in Government-Wide Financial StatementsFinancial StatementsGeneral Capital AssetsGeneral Capital AssetsGeneral Long-Term LiabilitiesGeneral Long-Term LiabilitiesConversion ProcessConversion ProcessOverview of reasons for adjustmentsOverview of reasons for adjustmentsSummary of types of worksheet Summary of types of worksheet adjustmentsadjustments12Capital Outlay Expenditures Capital Outlay Expenditures (563)(563)Construction in ProgressConstruction in ProgressMachinery & EquipmentMachinery & EquipmentExpenditures – Capital Outlay – Expenditures – Capital Outlay – ConstructionConstructionExpenditures – Capital Outlay –Expenditures – Capital Outlay –EquipmentEquipment2,540,0002,540,00058,20058,2002,540,0002,540,00052,80052,800Most of these types of entries will affect capital assets.Capital outlay expenditures not meeting capitalization threshold will become functional expenses.Sales of Capital Assets Sales of Capital Assets (566)(566)Other Financing Source – ProceedsOther Financing Source – Proceedsfrom Sale of GCAfrom Sale of GCAAccumulated Depreciation –Accumulated Depreciation –Machinery and EquipmentMachinery and EquipmentMachinery and EquipmentMachinery and EquipmentGain on Sale of GCAGain on Sale of GCA50,00050,00020,00020,00050,00050,00020,00020,000OFS – Proceeds from Sale must be converted into Gain on SaleRecord Depreciation ExpenseRecord Depreciation Expense 566566Expenses – General GovernmentExpenses – General GovernmentExpenses – Public SafetyExpenses – Public SafetyExpenses – Highways & StreetsExpenses – Highways & StreetsExpenses – Health & SanitationExpenses – Health & SanitationExpenses – OtherExpenses – OtherAccumulated Depreciation –Accumulated Depreciation –BuildingsBuildingsAccumulated Depreciation – Accumulated Depreciation – Machinery & EquipmentMachinery & EquipmentAccumulated Depreciation –Accumulated Depreciation –InfrastructureInfrastructure11,00011,00055,00055,000133,000133,0008,0008,0003,0003,00080,00080,00030,00030,000100,000100,000Information should come from Capital Asset note disclosure xLong-Term Debt Issues Long-Term Debt Issues 566566OFS – BondsOFS – BondsOFS – Bond PremiumOFS – Bond PremiumDeferred Bond Issue CostsDeferred Bond Issue CostsBonds PayableBonds PayablePremium on BondsPremium on BondsExpenditures – Debt Service –Expenditures – Debt Service –Bond Issue CostsBond


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