GASB 34 Implementation Training Presented by: Office of Quality Assurance and Consultation

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GASB 34 Implementation TrainingPresented
byOffice of Quality Assuranceand Consultation

• Edward B. Hatchett, Jr.
• Auditor Of Public Accounts
• 2501 Georgetown Road, Suite 2
• Frankfort, KY 40601
• [phone]
• ehatchett_at_kyauditor.net

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GASB 34 Implementation Dates

• County Operating Revenue as of 6/30/99
• 100M
• 10M-100M
• -10M

• Effective Date of Implementation
• 6/30/02
• 6/30/03
• 6/30/04

• Phase
• I
• II
• III

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County Implementation List

• Phase I
• Jefferson
• Fayette

• Phase II
• Boone
• Campbell
• Christian
• Daviess
• Franklin
• Hardin
• Harlan
• Henderson

• Kenton
• Laurel
• Madison
• McCracken
• Pike
• Pulaski
• Scott
• Warren

• Phase III
• All others

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GASB 34

• Before
• Debt is reported but not the related asset
• No infrastructure assets
• Too many funds but not enough information
• Existing financial statements difficult to
  understand
• After
• All assets of the fiscal court are now reported
• Fiscal court is more accountable to users
• Audits become more understandable

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Components of the GASB 34 Reporting Model

• Management discussion and analysis (New)
• Government wide financial statements
• Fund financial statements
• Notes to the financial statements
• Other required supplementary information

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Components of the GASB 34 Reporting Model
(Continued)

• Management Discussion and Analysis (New)
• Opportunity for officials to showcase
  achievements and plans
• Provides an analytical overview of the
  governments financial activities
• Introduces the basic financial statements
• Required supplementary information

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Components of the GASB 34 Reporting Model
(Continued)

• Government Wide Financial Statements (New Format)
• Statement of net assets (Exhibit A)
• Capital assets
• Infrastructure
• Statement of activities (Exhibit B)
• Function

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Components of the GASB 34 Reporting Model
(Continued)

• Fund Financial Statements(No Significant
  Changes)
• Various financial statements
• (Exhibits C-F)
• Focus on information about the governments major
  funds

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Your auditor will use the Treasurers Annual
Settlement, submitted to the Department for Local
Government, to compile the financial statements.
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Components of the GASB 34 Reporting Model
(Continued)

• Notes to the Financial Statements
• (No significant changes)
• Provide useful information
• Essential to user in understanding the financial
  statements

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Components of the GASB 34 Reporting Model
(Continued)

• Other Required Supplementary Information
• Budgetary comparison schedules
• No significant changes
• General fund (Exhibit G)
• Major special revenue funds
• Prepared by the auditors