HomeMy WebLinkAbout7210 GASB Statement 34-Accounting SystemFINANCIAL MANAGEMENT
7210
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GASB STATEMENT 34 (ACCOUNTING SYSTEM)
The Board recognizes the need to implement the required accounting and financial
reporting standards set out in Governmental Accounting Standards Board Statement 34
( "GASB 34 "). The primary objectives of implementing the GASB 34 are to assure
compliance with state requirements, and to properly account for both the financial and
economic resources and to provide new and additional information to users of District
financial statements.
Guidelines
Participation and reporting shall be in accordance with Board policy, State of Idaho
Fiscal Policies manuals as prepared by the office of the State of Idaho Controller's
Office, and GASB 34.
2. The responsibility to coordinate the compilation and preparations of all information
necessary to implement this policy is delegated to the Superintendent in cooperation
with the District Accountant.
3. The designated individual shall be responsible for implementing the necessary
procedures to establish and maintain a fixed asset inventory, including depreciation
schedules.
4. A schedule of accumulated depreciation shall be consistent from year to year.
5. The Superintendent in Cooperation with the District's Accountant shall prepare the
required Management Discussion and Analysis (MD &A).
6. The MD &A shall be in the form required by GASB Statement 34 and shall be
submitted to the board for approval, prior to publication.
7. Prior to submission of the MD &A for Board approval, the independent auditors shall
review the MD &A, in accordance with SAS No. 52, "Required Supplementary
Information."
Adopted 04/19/2006 Reviewed:
Bonneville Joint School District No. 93
Revised: