accounting-and-reporting-manual-for-school-districts
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accounting-and-reporting-manual-for-school-districts
Office of the NEW YORK STATESchool DistrictsAccounting and Reporting ManualNew York state ComptrollerTHOMAS p. DINAPOLI44409Updated August 2021 to ref accounting-and-reporting-manual-for-school-districtsflect:Accounting Bulletin (revised November 2020)-Accounting and Financial Reporting for Fiducicirv Activities a? Required by QASB statement 34 - Deleted the agency fund, updated the privatepurpose trust fund, and added the custodial fund in chapters 2 and 4. Updated journal entry 31 to demonstrate accounting-and-reporting-manual-for-school-districtshow to account for payroll withholdings in the general fund and deleted journal entry 31b as agency funds are no longer active. Deleted all agency funaccounting-and-reporting-manual-for-school-districts
d codes and added custodial fund codes and miscellaneous general fund codes in the account code appendix.Accounting Bulletin (July 2020) - CoronavirusOffice of the NEW YORK STATESchool DistrictsAccounting and Reporting ManualNew York state ComptrollerTHOMAS p. DINAPOLI44409Updated August 2021 to ref accounting-and-reporting-manual-for-school-districtst code appendixTable of ContentsPART I - Accounting and Reporting 1Chapter 1- Introduction1Chapter 2- Basic Governmental Accounting Principles3Chapter 3- Measurement Focus and Basis of Accounting9Chapter 4- Funds and Supplemental Schedules13Chapter 5- Classification and Coding structure17Chapter 6- accounting-and-reporting-manual-for-school-districtsBudgeting23Chapter 7- Financial Reporting28Chapter 8- Sample Journal Entries30PART II-APPENDIX 105School District Account Codes106Contacts158Part I -accounting-and-reporting-manual-for-school-districts
Accounting and ReportingChapter 1 - IntroductionThe Office of the state Comptroller (OSC) has complied this manual as a comprehensive accounting guideOffice of the NEW YORK STATESchool DistrictsAccounting and Reporting ManualNew York state ComptrollerTHOMAS p. DINAPOLI44409Updated August 2021 to ref accounting-and-reporting-manual-for-school-districtsd governmental accounting and financial reporting principles, and OSC's interpretations of such principles, where pronouncements are silent or do not address problems common among school districts within New York state.The basic responsibility for oversight of school districts by the state Comptroll accounting-and-reporting-manual-for-school-districtser is contained in the State Constitution and Article 3 of the General Municipal Law (GML). Among other things, the state Comptroller's responsibilitiaccounting-and-reporting-manual-for-school-districts
es include: performing audits (GML, Sections 33. 34, 35). prescribing information to be included in annual financial reports (GML. Sections 30. 31.32)Office of the NEW YORK STATESchool DistrictsAccounting and Reporting ManualNew York state ComptrollerTHOMAS p. DINAPOLI44409Updated August 2021 to ref accounting-and-reporting-manual-for-school-districts commitment to prescribe an accounting system which conforms to generally accepted accounting principles (GAAP), osc prescribes a Uniform Systems of Accounts pursuant to GML, Section 36. The System of Accounts provides for a standard chart of accounts and fund structure that is the basis for the ann accounting-and-reporting-manual-for-school-districtsual financial reports (ST-3) required to be filed with the state Education Department (SED) and the state Comptroller. For additional information, pleaccounting-and-reporting-manual-for-school-districts
ase see the SED website at www.p12.nysed.gov/mgtserv/.Generally Accepted Accounting Principles for Governmental UnitsGAAP are uniform minimum standardOffice of the NEW YORK STATESchool DistrictsAccounting and Reporting ManualNew York state ComptrollerTHOMAS p. DINAPOLI44409Updated August 2021 to ref accounting-and-reporting-manual-for-school-districtsing in financial statements that provide comparability between governmental entities, consistency between accounting periods and reliability for internal and external users of financial statements.Since GAAP for local governments is not static but evolving, osc is involved in such activities as moni accounting-and-reporting-manual-for-school-districtstoring and responding to proposed pronouncements: amending the Accounting Systems when appropriate in light of new or revised standards; and assistingaccounting-and-reporting-manual-for-school-districts
local officials in understanding and implementing GAAP through conferences, workshops and seminars. This updated manual is an example of this activitOffice of the NEW YORK STATESchool DistrictsAccounting and Reporting ManualNew York state ComptrollerTHOMAS p. DINAPOLI44409Updated August 2021 to ref accounting-and-reporting-manual-for-school-districtsvernments. The first formal efforts to establish GAAP for private enterprises began in 1930 in response to the financial difficulties experienced during the Great Depression. Over the years, the American Institute of Certified Public Accountants (AICPA) established GAAP. In 1973. the Financial Accou accounting-and-reporting-manual-for-school-districtsnting Standards Board (FASB) was formed. Since 1973. FASB has prescribed GAAP for commercial and non-profit organizations. FASB operates under the ausaccounting-and-reporting-manual-for-school-districts
pices of the Financial Accounting Foundation (FAF). an independent non-profit foundationOffice of the NEW YORK STATESchool DistrictsAccounting and Reporting ManualNew York state ComptrollerTHOMAS p. DINAPOLI44409Updated August 2021 to refOffice of the NEW YORK STATESchool DistrictsAccounting and Reporting ManualNew York state ComptrollerTHOMAS p. DINAPOLI44409Updated August 2021 to refGọi ngay
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