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Business Procedures Manual

1.1 GASB Complilance

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The University System of Georgia follows the accounting and financial reporting standards for state and local governmental units as established by the Governmental Accounting Standards Board (GASB) for public colleges and universities.

Reference: “ Financial Accounting and Reporting Manual for Higher Education Release”, © 2001 National Association of College and University Business Officers, Sections 300 and 600.

Website reference: http://www.gasb.org

The standards and related guidance spelling out the GASB financial reporting model are set forth in the following documents:

  1. GASB Statement 35, Basic Financial Statements and Management’s Discussion and Analysis for Public Colleges and Universities

  2. GASB Statement 34, Basic Financial Statement and Management’s Discussion and Analysis for State and Local Governments

  3. GASB Statement 37, Basic Financial Statements and Management’s Discussion and Analysis for State and Local Governments: Omnibus

  4. GASB Statement 9, Reporting Cash Flows of Proprietary and Nonexpendable Trust Funds and Governmental Entities That Use Proprietary Fund Accounting

  5. GASB Statement 20, Accounting and Financial Reporting for Proprietary Funds and Other Governmental Entities That Use Proprietary Fund Accounting

  6. GASB Implementation Guide, Guide to Implementation of GASB Statement 34

  7. NACUBO’s GASB 35 Implementation Guide, Questions and Answers for Public Colleges and Universities Using Business Type Activity (BTA) Reporting

GASB Statement 33, Accounting and Financial Reporting for Nonexchange Transactions, contains guidance regarding the recognition, measurement, classification, and reporting of non-exchanges transactions. The new financial reporting model standards and guidance and GASB Statement 33 have a significant impact on the accounting required of public colleges and universities.

GASB Statements No. 34 and 35 spell out two different financial reporting models that may be adopted by public colleges and universities. The University System of Georgia has chosen to use the model for Special Purpose Governments engaged only in business-type activities. There are three major financial reports required for this model: The Statement of Net Assets, The Statement of Revenues, Expenses, and Changes in Net Assets, and the Statement of Cash Flows. The basic financial statements are preceded by Management’s Discussion and Analysis (MD & A).

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