GASB 34 Reports

The GASB 34 Reports option in General Ledger generates the reports from within the School Accounting System to meet the reporting requirements with Statement Number 34 issued by the Governmental Accounting Standards Board (GASB). The three main parts of the reports required by GASB Statement Number 34 include: 1) the Management Discussion and Analysis Report (commonly referred to as the MD&A Report); 2) the Fund Financial Statements; and 3) the Government-Wide Financial Statements.

Part 1: MD&A Report

The MD&A Report is a formal, written report and is not generated from within the School Accounting System.

Part 2: Fund Financial Statements

The Fund Financial Statements are financial reports showing the year-to-date totals for the applicable accounts and are generated for three different sets of funds: 1) Governmental Funds, 2) Proprietary Funds, and 3) Fiduciary Funds. There are different reports for each set of funds. For the Governmental Funds, the Fund Financial Statements include the following two reports: 1) Governmental Funds Balance Sheet; and 2) Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balance. For the Proprietary Funds, the Fund Financial Statements include the following three reports: 1) Proprietary Funds Statement of Net Position; 2) Proprietary Funds Statement of Revenues, Expenses, and Changes in Fund Net Position; and 3) Proprietary Funds Statement of Cash Flows. For the Fiduciary Funds, the Fund Financial Statements include the following two reports: 1) Fiduciary Funds Statement of Net Position; and 2) Fiduciary Funds Statement of Changes in Net Position.

There is also one additional Fund Financial Statement report generated for the General Fund and each Special Revenue Fund that compares the original and final posted budgets with the actual year-to-dates amounts. The additional report is called the Budgetary Comparison Schedule. For Iowa school districts, the Budgetary Comparison Schedule report includes the reversing GAAP entries (if applicable), and there is the Cash Budgetary Comparison Schedule report also available to exclude the reversing GAAP entries, if desired. The Cash Budgetary Comparison Schedule report is an optional report and does not have to be generated and printed as part of the required GASB 34 reports.

The Fund Financial Statements are generated from within the School Accounting System using the year-to-date totals accumulated in the system for the specified fiscal year, with the exception of the Proprietary Funds Statement of Cash Flows. The Proprietary Funds Statement of Cash Flows generates a blank template; there will not be any amounts included on the report. If desired, the Proprietary Funds Statement of Cash Flows report can be manually edited in order to save and print the report.

Part 3: Government-Wide Financial Statements

The Government-Wide Financial Statements are financial reports that take the year-to-date information from the Fund Financial Statements and add in the adjustments or reconciliation entries entered for the GASB 34 funds (including the Fixed Asset Fund, if applicable) to show the operations on a full accrual basis of accounting. The two reports for the Government-Wide Financial Statements are: 1) Statement of Net Postion; and 2) Statement of Activities. The Government-Wide Financial Statements are generated from within the School Accounting System, and after the reports are completed, the Total Net Position on the Statement of Net Position and the Net Position Ending on the Statement of Activities should equal.

Note: Complete the steps to set up General Ledger and Fixed Asset Inventory (if applicable) for GASB 34 prior to generating the GASB 34 reports.