Implementation Plan
Restate prior year’s financial statements or prepare current year’s statements in accordance with GASB #34
- Determine major and non-major fund
- Review reporting of component units
- Review and reclassify Trust & Agency funds for Fiduciary and Non-fiduciary funds
- Identify program revenues
- Determine long term and short term debt outstanding
- Review tax collection and revenue recognition practices in accordance with GASB #33
- Prepare reconciliation
Determine when and how to report Fixed Assets and Infrastructure
- Asses the condition of Capital Assets
- Reclassify fixed assets and apply depreciation accordingly
- Decide whether to book or defer Infrastructure
- Match long term debt to fixed assets
Review and prepare Required Supplemental Information (RSI)
- Prepare and report Budget to Actual results of operations
- Infrastructure condition and maintenance data
- Pension trend data
Review and prepare Other Supplemental Information (OSI)
- Additional detail or reconciliation of fund data
Prepare Management Discussion and Analysis (MD&A)
- Present condensed government-wide comparative financial information – current to prior year
- Identify special and extraordinary items
- Charts, graphs and tables