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7210 GASB Statement 34-Accounting System
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7210 GASB Statement 34-Accounting System
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Last modified
2/4/2013 10:30:02 AM
Creation date
2/4/2013 10:19:34 AM
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Board Policy
Heading
7000 FINANCIAL MANAGEMENT
Subject
Accounting System
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FINANCIAL MANAGEMENT <br />7210 <br />Page 1 of 1 <br />GASB STATEMENT 34 (ACCOUNTING SYSTEM) <br />The Board recognizes the need to implement the required accounting and financial <br />reporting standards set out in Governmental Accounting Standards Board Statement 34 <br />( "GASB 34 "). The primary objectives of implementing the GASB 34 are to assure <br />compliance with state requirements, and to properly account for both the financial and <br />economic resources and to provide new and additional information to users of District <br />financial statements. <br />Guidelines <br />Participation and reporting shall be in accordance with Board policy, State of Idaho <br />Fiscal Policies manuals as prepared by the office of the State of Idaho Controller's <br />Office, and GASB 34. <br />2. The responsibility to coordinate the compilation and preparations of all information <br />necessary to implement this policy is delegated to the Superintendent in cooperation <br />with the District Accountant. <br />3. The designated individual shall be responsible for implementing the necessary <br />procedures to establish and maintain a fixed asset inventory, including depreciation <br />schedules. <br />4. A schedule of accumulated depreciation shall be consistent from year to year. <br />5. The Superintendent in Cooperation with the District's Accountant shall prepare the <br />required Management Discussion and Analysis (MD &A). <br />6. The MD &A shall be in the form required by GASB Statement 34 and shall be <br />submitted to the board for approval, prior to publication. <br />7. Prior to submission of the MD &A for Board approval, the independent auditors shall <br />review the MD &A, in accordance with SAS No. 52, "Required Supplementary <br />Information." <br />Adopted 04/19/2006 Reviewed: <br />Bonneville Joint School District No. 93 <br />Revised: <br />
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