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CCSD plans early implementation of GASB 103 and 104; committee approves update 4-0
Summary
Accounting staff briefed the committee on recent Governmental Accounting Standards Board pronouncements (GASB 101–104), said GASB 101 was implemented earlier and CCSD plans to implement GASB 103 and 104 for FY reporting; the committee approved the update 4-0.
The Audit Advisory Committee on Feb. 27 heard a presentation on recent GASB pronouncements and the district's planned implementations and voted to accept the update 4–0.
Accounting GL Coordinator Yanmin (Yamin) Zu Howard (presented as Yamin Johawo in remarks) reviewed GASB Statements 101–104 and CCSD's implementation approach. She said the district adopted GASB 101 (compensated absences) early in the prior year; that implementation required review of employment agreements, IT reports and sampling to calculate usage and payout ratios and resulted in a restatement of beginning net position because GASB 101 constituted a change in accounting principle. She said GASB 102 (certain risk disclosures) did not appear applicable to CCSD at present but will be reassessed at year end.
Howard summarized planned early implementation of GASB 103 (financial reporting improvements) and GASB 104 (disclosure of certain capital assets). GASB 103 affects MD&A presentation, requires some budgetary comparisons to appear as required supplementary information (RSI) rather than in MD&A, adjusts proprietary-fund presentation to add a "noncapital subsidies" section and includes changes to budgetary comparison presentation; CCSD plans to move three fund statements with budget-comparison columns from basic financial statements to RSI for year-end reporting. GASB 104 requires separate disclosure of major classes of capital and intangible assets and guidance on classification; CCSD staff are evaluating thresholds and updating note disclosures.
Howard also noted tentative GASB projects and the Federal Data Transparency Act, which will require machine-readable standardized reporting for entities that issue municipal securities; she said the district is monitoring rulemaking and possible administrative burden if the FDTA proceeds as currently drafted.
The committee asked about CCSD's practice of commenting on GASB exposure drafts; Howard said the district participates through the Government Finance Officers Association committees and submits comments as appropriate. The committee approved the GASB update as presented.
