Accounting Policy Meeting
Friday, July 31, 2020
|10:00 a.m.||Welcome and Introductions||Shelly Arnold, financial reporting supervisor, Fiscal Management Division, Texas Comptroller of Public Accounts|
|10:05 – 10:45 a.m.||
||Shelly Arnold, financial reporting supervisor, Fiscal Management Division, Texas Comptroller of Public Accounts|
|10:45 – 11:00 a.m.||USAS System-Generated Lapse||Aurora Ramirez, appropriation control team lead, Fiscal Management Division, Texas Comptroller of Public Accounts|
|11:00 – 11:45 a.m.||
||Maricela Cayetano, financial reporting assistant supervisor, Fiscal Management Division, Texas Comptroller of Public Accounts|
|11:45 – Noon||Questions/Adjourn||Shelly Arnold, financial reporting supervisor, Fiscal Management Division, Texas Comptroller of Public Accounts|
Registration for Webinar
Register for the July 31 (10 a.m. CDT) Accounting Policy Financial Reporting Updates at:
After registering, you will receive a confirmation email containing information about joining the webinar.
Tips to Follow During the Webinar:
- We highly recommend using Google Chrome as the browser to attend the webinar.
- If you lose the connection to the webinar while it is in progress, find your registration confirmation email and click the link to join the webinar again. The presentation should resume in progress.
- If you are using a web browser with multiple tab functionality, open a new window with only a single tab to ensure you do not have multiple sessions open.
To End the Webinar:
At the end of the presentation, the moderator will end the webinar. Close your web browser when the webinar is over.
At this time, no CPE Credit is offered.
If you have questions about the webinar, email the financial reporting section at email@example.com
Questions and Answers
Annual Financial Report
Does the Topic “Agency versus Financial Reporting Section Responsibilities” still apply to the GR consolidated agencies only?
That is correct. We will address the AFR deadlines for full reporting agencies during August’s AP User Group meeting.
Full reporting agencies are required to report inventories in the financial statements. This has not changed.
The GCA Closing Package is available in the Annual Financial Report Working Papers of the AFR Reporting Requirements before the Capital Assets Basis Conversion Working Papers Section.
The Sept. 20 deadline applies only to GR consolidated agencies. The deadline for full reporting agencies is Oct. 20.
General Revenue (GR)
Is the Financial Reporting section at the Comptroller’s office completing the GR reconciliation and associated USAS entries on behalf of all agencies?
The Financial Reporting section will reconcile and work with the Appropriation Control section to make necessary GR entries in USAS for GR consolidated agencies only. Full reporting agencies must continue reconciling and making the necessary USAS entries. If you have any questions, contact your financial reporting analyst and/or appropriation control officer and they will be happy to assist you.
Unappropriated GR will continue to be deposited to appropriated fund 1000. It is not yet determined whether a new standard D23 fund will be created for all agencies to replace D23 fund 1000. Additional guidance will be provided through updates on the AFR Reporting Requirements website.
Can agencies continue to use PCA 99906 in fiscal 2021 for unappropriated GR activity if the D23 fund points to FT01? When will final guidance be issued so agencies can update their systems for fiscal 2021?
Agencies can continue to use the same PCA for deposits to appropriation 99906 if that PCA currently infers a D23 fund with FT01. Agencies need to create a new PCA if the current PCA infers a D23 fund with FT09. It is not yet determined whether a new standard D23 fund will be created for all agencies to replace D23 fund 1000. Additional guidance will be provided through updates on the AFR Reporting Requirements website.
Are the templates for the return of payroll benefits in the Reporting Requirements website something new this year? How are these templates different from the entries we normally have prepared for these benefits returns?
The templates are new this year. These templates may be helpful for individuals less familiar with the process and can alleviate some of the burden of looking up values in the tables. This tool is an available for use, but its use is certainly not a requirement.
Does an agency have to submit the Documentation for Verified Reconciling Items using the Certification of Physical Inventory Conducted by Agency form (73-283) to the SPA analyst and a copy the financial reporting analyst?
There is no requirement to reconcile this form to USAS. Any discrepancies in property information detected during the physical inventory must be corrected in the SPA system immediately. The balances in SPA by AFR category must tie to the general ledger balances in USAS and in the CANSS web application. The CAAB reports are the source of information for this 3-way reconciliation.
Suspense Funds (formerly Agency Funds)
Where can agencies find the current developments about implementing GASB 84 in the AFR Reporting Requirements?
Due to the complexity and ongoing changes related to GASB 84 implementation, please see the AFR Reporting Requirements website’s Suspense Funds section for the most up to date information.
Schedule of Expenditures of Federal Awards (SEFA)
The SEFA web application is open for data entry as of Aug. 7. The application date was slightly delayed beyond Aug. 1 because of COVID-19 updates that are now integrated into the web application.
If the SEFA web application not available until Sept. 1, how will this impact the initial certification due on Sept. 1?
The SEFA web application is available for fiscal 2020 data entry as of Aug. 7. Agencies must continue to adhere to the Sept. 1 initial certification deadline.
All federal funds are reported in SEFA, regardless of the amount.
The minimum does not refer to a specific dollar amount. The “minimal” federal funds discussed in this webinar refer to agencies that receive the majority from general revenue rather than federal funds or other alternative funding sources like the sale of bonds.
Will Coronavirus Aid, Relief, and Economic Security (CARES) Act institutional funds be reported in SEFA?
Yes. The CARES institutional funds must be reported in SEFA. The SEFA web application shows an additional checkbox for activity applying to COVID-19 and not the American Recovery and Reinvestment Act (ARRA) or other non-COVID federal funds sources.
Not likely. The financial statements already contain the necessary items to record and disclose the CARES Act funding.
Your agency’s management may make that determination. Note 1 is for your agency’s management to report anything unusual that they determined should be disclosed. If your agency did not receive any COVID-19 funding, then your agency is not required to enter COVID-19 impact statements in Note 1.
All AFR web applications will be open by Sept. 1, 2020. The SEFA web application is open for data entry as of Aug. 7, 2020. In the AFR Reporting Requirements’ AFR Web Applications page, there is a checkmark in the Open for Current FY Entry column signifying that the web application is available for entry.
The meeting handout and the Q&As from this webinar will be available at July 31 AP Users Group meeting page.