Fiscal Leadership for Georgia

FY2015 Year-End Reporting Forms Available

May 27, 2015

The SAO reporting group would like to make you aware of some of the changes that have been made related to the FY2015 year-end reporting forms:

  • The Previous Assets Liabilities & Nonexchange Financial Guarantees form is now called Deferred Outflows, Deferred Inflows and Nonexchange Financial Guarantees
  • New questions related to GASB 69 have been added to Year-end Questionnaire
  • One new form will be required in FY2015: Unrecorded Receivables & Payables (due date 9/18/15)
    • The purpose of this new form is to ensure accurate financial reporting of accounts payable and accounts receivable accruals in accordance with GAAP.  As part of converting the State of Georgia's statutory basis financial statements to GAAP for financial reporting purposes, it is necessary to identify and accrue for goods and services received as of year-end but for which there is no corresponding GAAP (e.g. Accounts Payable) liability.  It is also necessary to accrue any known revenues that are earned on either the GAAP modified or full-accrual basis, along with any related allowance for doubtful accounts on such receivables.
    • Note: If any BCR adjustments are necessary based on information identified in this new form, related BCR PCA’s must be submitted in accordance with Tier A, B, & C BCR PCA deadlines - which are before this form is due!
  • Cash and Deposits - Additional information is required this year from financial institutions regarding any significant violations of collateralization requirements/agreements. A request for this information has been included on the inquiry letter provided as part of the form. Any indication of violations provided by the financial institution to the reporting organization must be included on the “A” Deposit Analysis portion of the Cash and Deposits form provided to SAO.
  • Investments - Several enhancements to information required to be provided have been made
    • Disclosure of fair value determination methods other than quoted market prices
    • Indication as to whether credit ratings provided are short term or long-term ratings
    • Requirement of provision of credit ratings of securities underlying repurchase agreements