GOVERNMENTAL ACCOUNTING & AUDITING IN CALIFORNIA.The California Committee on Municipal Accounting, which is comprised of representatives of CalCPA and the League of California Cities, has recently issued two white papers on GASB Statements The Governmental Accounting Standards Board Statements (GASB Statements in short) are issued by GASB to set generally accepted accounting principles (GAAP) for state and local governments in the United States of America. No. 33 and 34. In addition, two white papers were revised for changes in professional standards regarding agreed-upon procedures engagements. GASB GASB Governmental Accounting Standards Board Statement No. 33 is in effect for financial statements with periods beginning after June 15, 2000. CCMA's white paper should serve as guidance for the recognition of non-exchange transaction revenues and related receivables. GASB Statement No. 34 establishes new financial reporting requirements for state and local governments with different effective dates depending on the total annual revenues of the governmental entity. The white paper provides guidance on which typical revenue sources are program revenues and which are general revenues. These white papers are free to CalCPA members and $25 each for non-members. To order, contact member services by e-mail, calcpamember@calcpa.org; fax, (650) 802-2234; or phone, (800) 922-5272, ext. 5115. The available white papers include: * Classification of Typical California City Revenues Under GASB No. 34 (June 2001) * Application of Revenue Recognition Criteria Set Forth in GASB No. 33 to Revenue Sources Significant to California Cities (February 2001) * Agreed-upon Procedures Applied to the Appropriations Limitation Prescribed pre·scribe v. pre·scribed, pre·scrib·ing, pre·scribes v.tr. 1. To set down as a rule or guide; enjoin. See Synonyms at dictate. 2. To order the use of (a medicine or other treatment). by Article XIII-B of the California Constitution The California Constitution is the document that establishes and describes the duties, powers, structure and function of the government of the U.S. state of California. The original constitution, adopted in November 1849 in the U.S. (Revised June 2001) * Agreed-upon Procedures Applied to Investment Portfolios of Local Governments (Revised June 2001) * Suggested Auditing Procedures for Accomplishing Compliance Audits of California Redevelopment Agencies (June 1999) * Accounting and Financial Reporting for Loans between California Cities and Related Redevelopment Agencies (Revised May 1999) * Accounting for Pensions by State and Local Governmental Employers (January 1997) The organization also is releasing for public comment XBRL (EXtensible Business Reporting Language) A specification for publishing financial information in the XML format. It is designed to provide a standard set of XML tags for exchanging accounting information and financial statements between companies and analysts. for General Ledger General Ledger A company's accounting records. This formal ledger contains all the financial accounts and statements of a business. Notes: The ledger uses two columns: one records debits, the other has offsetting credits. . This is designed to meet international accounting requirements and allow an extensible, flexible, multinational solution to exchange data required by internal finance, accountants, creditors, banks or other audiences across all software formats that can be brought into and out of accounting systems and reported using XBRL. XBRL for General Ledger also will allow the future linkage linkage In mechanical engineering, a system of solid, usually metallic, links (bars) connected to two or more other links by pin joints (hinges), sliding joints, or ball-and-socket joints to form a closed chain or a series of closed chains. of XML XML in full Extensible Markup Language. Markup language developed to be a simplified and more structural version of SGML. It incorporates features of HTML (e.g., hypertext linking), but is designed to overcome some of HTML's limitations. development on the transactional level to the general ledger level as such frameworks are developed. For the public drafts and to comment, go to www.xbrl.org. |
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