Issued To: County, City, Town and Village Chief Fiscal Officers
Purpose of Bulletin
The purpose of this bulletin is to inform local government chief fiscal officers of the changes that are being made to the Chart of Accounts and Annual Reports that will be filed with our office. These changes are necessary to comply with the fund level reporting requirements promulgated by GASB Statement No. 34. In our June 2000 bulletin on GASB Statement No. 34, we stated that we would make the necessary adjustments to the fund level statements that would permit compliance with GASB Statement No. 34.
The changes listed below will become effective for fiscal years ending on or after December 31, 2002. Revisions of the Accounting and Reporting Manual incorporating these changes are currently being made to the Internet version of the manual. A revised version will be distributed to local governments by June 2002. These changes will first be reflected in the AUD's and our Electronic Filing Software for fiscal years ending December 31, 2002:
Summary of Changes (see below for detail of changes):
- Accounting code 8019, Residual Equity Transfer, has been eliminated in all funds. All transfers should be accounted for through the operating statements using account codes 5031 and 9901.9, Interfund Transfers, as appropriate.
- The General Fixed Assets Account Group (K) will now be referred to as the Schedule of Non-Current Governmental Assets (K) and will include new account codes. These new account codes will also be used in all proprietary funds to account for infrastructure and other capital assets and their related depreciation
- The General Long-Term Debt Account Group (W) will now be referred to as the Schedule of Non-Current Governmental Liabilities (W) and will include a new account code.
- Proprietary Fund (E) or (M) account codes *800-889 (Contribution and Reserve Account Codes) and account code *909 (Retained Earnings) have been eliminated and will be replaced with new account codes.
*Local governments may continue to use codes 800-889 and 909 for internal accounting purposes but will be required to report to OSC using codes 921-923.
Summary of Changes
|Old Codes Eliminated||New Codes|
|Residual Equity Transfer||8019 - All Funds||Use 5031 or 9901.9 as appropriate|
|Schedule of Non-Current Government Assets||None
K151-158 - Investing in General
K106 - Infrastructure
|Schedule of Non-Current Governmental Liabilities||W120-127 - Amounts Available/ to be Provided||W129 - Total Non-Current Governmental Liabilities|
E or M 800-889 - Contributions and Reserves
E or M 909 - Retained Earnings
E or M 920 - Net Assets-Invested in Capital Assets-Net of Related Debt
E or M 921 - Net Assets-Restricted for Capital Projects
E or M 922 - Net Assets-Restricted for Debt
E or M 923 - Net Assets - Restricted for Other Purposes
E or M 924 - Net Assets-Unrestricted
All of our previously issued bulletins, including those on GASB Statement No. 34, can be accessed at www.osc.state.ny.us/localgov.
Detailed information pertaining to the statement, as well as an implementation guide, is available from GASB. The GASB web site, with links to many other pertinent sites, can be accessed at www.gasb.org.
GASB can also be contacted at:
401 Merritt 7, P.O. Box 5116
Norwalk, CT 06856