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Glenn Hegar  ·  Texas Comptroller of Public Accounts

2012 Changes - Reporting Requirements for Annual Financial Reports of State Agencies and Universities

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Changes for the 2012 Reporting Period

In response to agency requests, identification of problems and new issues raised, the Comptroller’s office made changes to the Reporting Requirements for Annual Financial Reports of State Agencies and Universities. The significant changes incorporated into the reporting requirements as of the July 13, 2012, publication date are listed below.

  1. GASB Statement No. 57, OPEB Measurements by Agent Employers and Agent Multiple Employer Plans, is effective as of fiscal 2012.

    GASB 57 addresses issues related to the use of the alternative measurement method and the frequency of timing of measurements by employers that participate in agent multiple-employer other postemployment benefit (OPEB) plans.

    GASB 57 does not apply to the state of Texas because the state is not an employer in an agent multiple-employer OPEB plan.

    For additional information on GASB 57, see the Summary of Statement No. 57 on GASB’s website or purchase a copy of the statement from the GASB store.

  2. GASB Statement No. 64, Derivative Instruments: Application of Hedge Accounting Termination Provisions – an amendment of GASB Statement No. 53, is effective as of fiscal 2012.

    GASB 64:

    • Amends the requirements in GASB Statement No. 53, Accounting and Financial Reporting for Derivative Instruments, to clarify whether an effective hedging relationship continues after the replacement of a swap counterparty or a swap counterparty’s credit support provider.
    • Sets forth criteria establishing when the effective hedging relationship continues and hedge accounting should continue to be applied.

    For more information, see Termination of Hedge Accounting.

  3. Changes made to the LTLN web application:
    • Dollar amounts no longer need to be entered as debits or credits (positive or negative). Unless an amount is the opposite of its natural sign, enter all amounts as positives.
    • Bond information does not need to be manually entered to the LTLN web application. The Bond Reporting System (BRS) web application now automatically updates the LTLN web application with bond information.
  4. The dollar amounts presented in the Note 7 Summary of Derivative Activity table must now be presented in U.S. dollars or U.S. dollar equivalents rather than in U.S. dollars or local currency. For more information, see Note 7 – Sample.
  5. The requirement to include legislative transfers in Note 12 was removed — disclosure of legislative transfers is now optional. The interfund payables and interfund receivables is the only disclosure required for Note 12. For additional information, see Note 12 – Interfund Activity and Transactions.
  6. Agencies are no longer required to disclose significant encumbrances in Note 15. However, agencies do have the option of disclosing encumbrances in the notes to the AFR (if desired). For more information, see Fund Balance/Net Assets, Governmental Funds.
  7. A reconciliation period to allow agencies time to communicate and resolve any discrepancies between federal and state grant pass-through amounts is being implemented as of fiscal 2012. This reconciliation period replaces the traditional work sessions previously offered. The Financial Reporting section is available to assist agencies that are not able to reach an agreement during this reconciliation period. For more information, see SEFA – Timeline and State Grant Pass-Through Reconciliation – Timeline.
  8. The names of the GASB questionnaires were changed to be more descriptive. The GASB 14/39 questionnaire is now called GASB 14/39 – Component Unit Questionnaire, and the GASB 49 Questionnaire is now called GASB 49 – Pollution Remediation Obligation Questionnaire.
  9. Language was added to the Submission Requirements for Simplified Reporting Agencies requiring agencies to contact their financial reporting analyst if they want FRS to enter their basis conversion entries.
  10. Information on the SECO Federal Loan Program was added to assist agencies in the accounting and reporting of the program, including information on the reporting of the program in SEFA. For more information, see SECO Federal Revolving Loans.
  11. Information about self-directed semi-independent (SDSI) agencies was added to provide direction on:
    • The conversion process
    • How to establish funds
    • How to process transfers related to start-up funds

    For more information, see Agencies that are Self-Directed and Semi-Independent.

Glenn Hegar
Texas Comptroller of Public Accounts
Questions? Contact statewide.accounting@cpa.texas.gov
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