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Glenn Hegar  ·  Texas Comptroller of Public Accounts

2015 Changes – Reporting Requirements for Annual Financial Reports of State Agencies and Universities


Changes for the 2015 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 2, 2015, publication date are listed below.

If you need additional information or clarification on any of the GASB statements mentioned below, you may purchase a copy of the statement from the GASB store or download the PDF version for free from GASB’s Pronouncements page.

  1. GASB 68 (effective as of fiscal 2015):
    • Amends the requirements of GASB Statement No. 27, Accounting for Pensions by State and Local Governmental Employees, and GASB Statement No. 50, Pension Disclosures, as they relate to governmental employers that provide pensions through trusts that meet certain criteria.
    • Establishes procedures for measuring and recognizing the obligations associated with pensions as liabilities and the costs of pensions as expenses, deferred outflows of resources or deferred inflows of resources.
    • Identifies the methods and assumptions used to project pension payments, discount projected payments to their present values and attribute those present values to periods of employee service.
    • Amends note disclosure and required supplementary information requirements.
    • Details the recognition and disclosure requirements for employers with liabilities to a pension plan administered through a qualified trust and addresses special funding situations.
  2. GASB 71 (effective as of fiscal 2015):
    • Amends paragraph 137 of GASB Statement No. 68, Accounting and Financial Reporting for Pensions — an amendment of GASB Statement No. 27, to require that, at transition, a government recognize a beginning deferred outflow of resources for its pension contributions, if any, made subsequent to the measurement date of the beginning net pension liability.
    • Requires that beginning balances for other deferred outflows of resources and deferred inflows of resources related to pensions be reported at transition only if it is practical to determine all such amounts.
  3. The following topics are now located under the Home tab:
    • Introduction
    • Highlights
    • Changes
    • Governmental Accounting Standards Board (GASB)
    • SAO Information
  4. The Special Items left navigation menu in the General Accounting tab was renamed to Specialized Accounting. The following topics are now located in the Specialized Accounting menu:
    • Research and Development Arrangements
    • Broadcasters
    • Troubled Debt Restructuring
    • Service Concession Arrangements
    • Government Combinations & Disposals of Government Operations
      • Government Mergers
      • Government Acquisitions
      • Transfers of Operations
      • Disposals of Government Operations
      • Note Disclosures & Sample
    • Non-Exchange Financial Guarantees
      • Recognition and Measurement of Non-Exchange Financial Guarantees
    • Non-Exchange Transactions
      • Characteristics of Exchange and Non-Exchange Transactions
      • Characteristics and Classes of Non-Exchange Transactions
      • Eligibility Requirements
      • Time Requirements and Purpose Restrictions
      • Reimbursements
      • Subsequent Contravention of Eligibility Requirements or Purpose Restrictions
      • Non-Exchange Revenues Administered or Collected by Another Government
      • Revenue Recognition Using the Modified Accrual Basis of Accounting
      • Summary – Non-Exchange Transactions
      • Year-End Accruals
      • Sample Accounting Treatment
    • Exchange Transactions
    • Non-Monetary Transactions
  5. “Deferred Outflows of Resources, Deferred Inflows of Resources and Net Position” was combined with the Statement of Net Position topic in the General Accounting tab.
  6. The following left navigation menus in the General Accounting tab were renamed:
  7. The Derivatives tab was eliminated and the following topics were moved to Note 7 – Derivatives in the Notes & Samples tab:
    • Definition of Derivate
    • GASB 53 Scope Exceptions
    • Derivative Terminology
    • Recognition and Measurement of Derivatives
    • Termination of Hedge Accounting
    • Hybrid Instruments
    • Accounting for Derivative Instruments in USAS
    • Evaluating Effectiveness
    • Consistent Critical Terms Method
    • Quantitative Methods
  8. The Interfund Activity & Transactions tab is was renamed to Interfund Activity.
  9. The SEFA tab was renamed to Pass-Through Activity and contains the following topics:
    • Federal Pass-Throughs (previously named Interagency Pass-Throughs)
    • “Reporting of the Federal Recovery & Reinvestment Fund in the AFR” previously located in the General Accounting tab was combined with The American Recovery and Reinvestment Act (ARRA) (previously named The American Recovery and Reinvestment Act (ARRA) funds in SEFA Presentation)
  10. The SPTR tab was eliminated and the following topics were relocated to the new Pass-Through Activity tab:
    • State Pass-Throughs (previously Interagency Pass-Throughs)
    • State Grant Pass-Through Schedule
      • State Grant Pass-Through Reconciliation — Timeline
      • Grant ID
    • Instructions for the SPTR web application
  11. The Bond Schedules & Samples tab was renamed to Bonds.
  12. The following sub left navigation menus were relocated to the Sample Process for Reconciling USAS to Agency Financial Info under the USAS tab:
    • Step 1 – Order USAS Financial Reports
    • Step 2 – Enter USAS Information Into Worksheet
    • Step 3 – Enter Agency Financial Information Into Worksheet
    • Step 4 – Analyze the Adjustment Amount Column
    • Step 5 – Prepare Data Entry Documentation
    • Step 6 – Verify the Effect of the Adjustments
    • Step 7 – Other Information
  13. The following topics were updated:
Glenn Hegar
Texas Comptroller of Public Accounts
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