Academic journal article Journal of Accountancy

New Model for Schools

Academic journal article Journal of Accountancy

New Model for Schools

Article excerpt

The Governmental Accounting Standards Board issued for exposure a new reporting model for public colleges and universities. The basic financial statements would require an entitywide perspective, a fund-based perspective and a management's discussion and analysis (MD&A). Comments on the exposure draft, Basic Financial Statements -- and Management's Discussion and Analysis -- for Public Colleges and Universities, are due by July 18.

The new reporting model is designed to respond to the specific needs of the primary users of financial reports -- citizens, investors/creditors, contributors and legislative and oversight bodies.

Similar to the new reporting model proposal for government agencies (see "GASB Issues Reporting Model Proposal," JofA, Apr.97, page 11), the new model would have public colleges and universities use a dual-perspective presentation. The first -- the entity-wide perspective -- would be prepared on the accrual basis of accounting and would show in one place all of the school's operations. Tom L. Allen, GASB chairman, said the entitywide perspective was intended to provide "a more comprehensive picture of their operations, financial position and cash flows than would be possible if the information was reported only by fund group, as it is now. …

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