Summary of Currently Applicable GASB Statements GASB 60 ...

GASB 62‐Incorporate pre November 30, 1989, FASB Statements,
APB Board Opinions and AICPA Research Bulletins into GASB’s
authoritative literature
GASB 62, which is effective for fiscal year 2013, was necessary because FASB was adopting a new codification that would
make original pre November 30, 1989 FASB pronouncements no authoritative. Since the GASB had required application
of these specific FASB pronouncements in GASB 20 and GASB 34, GASB needed to officially incorporate these standards
into GASB literature for them to remain authoritative GAAP.
The following guidance has been brought into GASB:
Applicability to our Institutions High Limited N/A
Capitalization of Interest from FASB 34 applies to business type
activities and enterprise funds
Revenues for exchange transactions and revenue recognition criteria when
right to exchange exists
State of Net assets classification (ARB 43, APB Opinion 12, FASB 6)
Special and Extraordinary Items (APB 30)
Comparative Financial Statements‐(ARB 43)‐we don’t report in this format.
Related Parties‐(FASB 57)‐Our general note disclosure should be sufficient
because of way foundations are defined for CAFR
Prior Period Adjustments‐(FASB 16 and APB 9) Generally error corrections
that require restate based on materiality‐no changes from our current
approach
Accounting Changes – (APB 20) Generally changes in accounting principles
and reporting entity require restatement. Changes in estimates are
reported as part of current year operations. Same as our current approach.
Disclosure of Accounting Policies‐Our notes already describes accounting
principles followed and has adequate disclosures necessary to be GAAP
compliant.
Contingencies –(FASB 5) Reporting gain and loss contingencies
Construction type contracts for governments engaged in contracting
operations‐We are not in this business.
Extinguishment of Debt‐(APB 26 and FASB 76). Would not apply to us since
we do not issue debt.
Troubled Debt Restructuring (FASB 15) ‐ Guidelines for reporting for debtor
and creditor for troubled debt restructuring. This should not apply to us.
Foreign Currency Transactions‐ Gain or loss recognition criteria based on
transaction settlement dates. This should have very limited, if any, effect
on us for financial reporting because we generally don’t have any
transactions that produce A/R or A/P on our financial statements.
Interest Cost Imputations‐ Notes given or received for services that do not
have stated interest rate or interest rate is not fair compensation,
additional interest must be imputed and reported as a premium or discount
and amortized over life of note. It is highly unlikely that our schools would
have any transactions of this nature.
Inventories (ARB 43) –Pricing inventories of business type activities.
Provides rules for valuing inventories on cost or lower of cost or market