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Chanute board approves resolution to waive GAAP reporting for fiscal year 2027
Summary
The board adopted Resolution 26/27-02 requesting the Director of Accounts and Reports waive GAAP financial statement requirements for the year ended June 30, 2027 and to prepare district financials on a cash basis adjusted to show compliance with state cash-basis and budget laws.
The Unified School District 413 Board of Education adopted Resolution 26/27-02 asking the Director of Accounts and Reports to waive the requirement to prepare financial statements under generally accepted accounting principles for the year ended June 30, 2027.
The resolution states the board determined GAAP financial statements are not relevant to the cash-basis and budget laws of Kansas and directs that district financial statements be prepared on the basis of cash receipts and disbursements, adjusted to demonstrate compliance with state law. The resolution was presented and approved as part of the consent/annual actions during the reorganizational meeting.
The motion carried on a recorded roll call with five members voting yea and two absent. The action affects how the district’s year-end financial reporting will be prepared for 2026–2027.
