Uniform Financial Accounting and Reporting Standards

U niform F inancial A ccounting and R eporting S tandards Fiscal Year 2013 Edition Minnesota Department of Education Division of School Finance Financial Management Section March 2013 This manual was prepared and published by the staff of the Minnesota Department of Education, Division of School Finance, Financial Management Section, 1500 Highway 36 West, Roseville, Minnesota 55113. Permission is hereby given for any reproduction and distribution of this document. This manual is also available on the department’s website. View the 2013 UFARS Manual . The Minnesota Department of Education does not discriminate on the basis of race, color, national origin, creed, sex, marital status, status with regard to public assistance, or disability. Minnesota Department of Education Division of School Finance

Financial Management Section 1500 Highway 36 West Roseville, MN 55113 http://education.state.mn.us Telephone: 651-582-8779 E-mail address: mde.ufars-accounting@state.mn.us Printed on recycled paper with a minimum of 10 percent post-consumer waste. Minnesota Department of Education Table of Contents TABLE OF CONTENTS INTRODUCTION ..................................................................................................................................... 1 – 2 OVERVIEW OF DIMENSIONS ............................................................................................................. 1 – 18 PART 1 – UFARS ACCCOUNT CODES CHAPTER 1 – FUND DIMENSION .................................................................................................. 1 – 8 CHAPTER 2 – ORGANIZATION/SITE DIMENSION ....................................................................... 1 – 4 CHAPTER 3 – PROGRAM DIMENSION ....................................................................................... 1 – 20 CHAPTER 4 – FINANCE DIMENSION .......................................................................................... 1 – 38 CHAPTER 5 – OBJECT DIMENSION ............................................................................................ 1 – 34 CHAPTER 6 – SOURCE DIMENSION........................................................................................... 1 – 14 CHAPTER 7 – COURSE DIMENSION............................................................................................. 1 – 8 CHAPTER 8 – BALANCE SHEET ACCOUNTS ............................................................................ 1 – 18 CHAPTER 9 – LIST OF CODES .................................................................................................... 1 – 18 CHAPTER 10 – PERMITTED CODE COMBINATIONS ................................................................ 1 – 30 PART II – FINANCIAL MANAGEMENT PROCEDURES CHAPTER 11 – PLACEHOLDER FOR FUTURE DEVELOPMENT CHAPTER 12 – AUTHORIZED BORROWING FOR SCHOOL DISTRICTS ................................... 1 – 6 CHAPTER 13 – FINANCIAL ACCOUNTING AND REPORTING SECTION 1 – COST ALLOCATION STANDARDS ................................................................. 1 – 29 SECTION 2 – STUDENT TRANSPORTATION SERVICES ................................................. 30 – 53 SECTION 3 – GASB STATEMENT 34 .................................................................................. 54 – 60 SECTION 4 – GASB STATEMENT 45 .................................................................................. 61 – 75 SECTION 5 – GASB STATEMENT 54 .................................................................................. 76 – 80 CHAPTER 14 – STUDENT ACTIVITY ACCOUNTING .................................................................. 1 – 46 CHAPTER 15 – EFFECTIVE PRACTICES AND MANAGEMENT OPINIONS ............................... 1 – 6 CHAPTER 16 – GLOSSARY .......................................................................................................... 1 – 25 2013 UFARS Manual March 2013 1 Table of Contents Minnesota Department of Education THIS PAGE INTENTIONALLY LEFT BLANK 2 March 2013 2013 UFARS Manual Minnesota Department of Education Introduction INTRODUCTION This Uniform Financial Accounting and Reporting Standards (UFARS) Manual is the edition for Fiscal Year (FY) 2013. It contains changes reflecting legislation passed in the 2012 Legislative Session (ending May 2012). Background In 1976, the UFARS Advisory Council was established by the Minnesota Legislature. The 1976 Legislature also mandated that the local education agencies begin using the UFARS system for reporting Fiscal Year 1977 financial activity. The UFARS Advisory Council was charged with making recommendations to the State Board of Education for accounting standards consistent with Minnesota Statutes, section 123B.75 through 123B.83, and with Generally Accepted Accounting Principles (GAAP). In December of 1991, the UFARS Advisory Council passed a resolution for...

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FINANCIAL ACCOUNTING - McGraw-Hill

Fundamentals of FINANCIAL ACCOUNTING Second Edition FRED PHILLIPS University of Saskatchewan ROBERT LIBBY Cornell University PATRICIA A. LIBBY Ithaca College Boston Burr Ridge, IL Dubuque, IA Madison, WI New York San Francisco St. Louis Bangkok Bogotá Caracas Kuala Lumpur Lisbon London Madrid Mexico City Milan Montreal New Delhi Santiago Seoul Singapore Sydney Taipei Toronto phi36484_fm_i-xxxii.indd Page i 7/31/07 11:43:16 AM teamaphi36484_fm_i-xxxii.indd Page i 7/31/07 11:43:16 AM teama /Volumes/105/MHIL004/mhphi2%0/phi2fm/Volumes/105/MHIL004/mhphi2%0/phi2fm FUNDAMENTALS OF FINANCIAL ACCOUNTING Published by McGraw-Hill/Irwin, a business unit of The McGraw-Hill Companies, Inc., 1221 Avenue of the Americas, New York, NY, 10020. Copyright © 2008 and 2006 by The McGraw-Hill Companies, Inc. All rights reserved. No part of this publication may be reproduced or distributed in any form or by

any means, or stored in a database or retrieval system, without the prior written consent of The McGraw-Hill Companies, Inc., including, but not limited to, in any network or other electronic storage or transmission, or broadcast for distance learning. Some ancillaries, including electronic and print components, may not be available to customers outside the United States. This book is printed on acid-free paper. 1 2 3 4 5 6 7 8 9 0 DOW/DOW 0 9 8 7 ISBN 978-0-07-313648-6 MHID 0-07-313648-4 Editorial director: Stewart Mattson Senior sponsoring editor: Alice Harra Senior developmental editor: Kimberly D. Hooker Marketing manager: Scott Bishop Media producer: Greg Bates Lead project manager: Mary Conzachi Senior production supervisor: Debra R. Sylvester Senior designer: Artemio Ortiz Jr. Photo research coordinator: Lori Kramer Photo researcher: Editorial Image, LLC Media project managers: Matthew Perry and Susan Lombardi Cover design: Asylum Studios Typeface: 10.5/12 Goudy Compositor: Aptara, Inc. Printer: R. R. Donnelley Library of Congress Cataloging-in-Publication Data Phillips, Fred. Fundamentals of financial accounting / Fred Phillips, Robert Libby, Patricia A. Libby.—2nd ed. p. cm. Includes index. ISBN-13: 978-0-07-313648-6 (alk. paper) ISBN-10: 0-07-313648-4 (alk. paper) 1. Accounting. I. Libby, Robert. II. Libby, Patricia A. III. Title. HF5636.P545 2008 657— dc22 2007026479 www.mhhe.com phi36484_fm_i-xxxii.indd Page ii 7/31/07 11:43:17 AM teamaphi36484_fm_i-xxxii.indd Page ii 7/31/07 11:43:17 AM teama /Volumes/105/MHIL004/mhphi2%0/phi2fm/Volumes/105/MHIL004/mhphi2%0/phi2fm I dedicate this book to the best teachers I’ve ever had: my Mom and Dad, Barb, Harrison, and Daniel FRED PHILLIPS Jenni, John, and Emma Rose Drago, Herman and Doris Hargenrater, Laura Libby, Oscar and Selma Libby PATRICIA AND ROBERT LIBBY phi36484_fm_i-xxxii.indd Page iii 7/31/07 11:43:17 AM teamaphi36484_fm_i-xxxii.indd Page iii 7/31/07 11:43:17 AM teama /Volumes/105/MHIL004/mhphi2%0/phi2fm/Volumes/105/MHIL004/mhphi2%0/phi2fm A Letter to Instructors Dear Colleagues, As we finish the second edition of Fundamentals of Financial Accounting, we want to thank each of you who adopted the first edition. As fellow financial accounting instructors, we appreciate the importance of selecting the right book for your students; a book that will give them an engaging, relevant, and understandable introduction to the world of accounting. We set out to write a book that students could understand—a book that would carefully walk them through the fundamentals of financial accounting—and we are pleased that so many of you found that it accomplished this goal and met your needs. The first edition was highly praised for its lively writing style geared directly to the student, as well as study tools throughout each chapter to...

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The Foreign Exchange Market

3. The Foreign Exchange Market The foreign exchange market provides the physical and institutional structure through which the money of one country is exchanged for that of another country, the rate of exchange between currencies is determined, and foreign exchange transactions are physically completed. A foreign exchange transaction is an agreement between a buyer and a seller that a given amount of one currency is to be delivered at a specified rate for some other currency. 3.1 Geographical Extent of the Foreign Exchange Market Geographically, the foreign exchange market spans the globe, with prices moving and currencies traded somewhere every hour of every business day. The market is deepest, or most liquid, early in the European afternoon, when the markets

of both Europe and the U.S. East coast are open. The market is thinnest at the end of the day in California, when traders in Tokyo and Hong Kong are just getting up for the next day. In some countries, a portion of foreign exchange trading is conducted on an official trading floor by open bidding. Closing prices are published as the official price, or 'fixing' for the day and certain commercial and investment transactions are based on this official price. 3.2 The Size of the Market In April 1992, the Bank of International Settlements (BIS) estimated the daily volume of trading on the foreign exchange market and its satellites (futures, options, and swaps) at more than USD 1 trillion. This is about 5 to 10 times the daily volume of international trade in goods and services. The market is dominated by trading in USD, DEM, and JPY respectively. The major markets are London (USD 300 billion), New York (USD 200 billion), and Tokyo (USD 130 billion). 3.3 Functions of the Foreign Exchange Market The foreign exchange market is the mechanism by which a person of firm transfers purchasing power form one country to another, obtains or provides credit for international trade transactions, and minimizes exposure to foreign exchange risk. Transfer of Purchasing Power: Transfer of purchasing power is necessary because international transactions normally involve parties in countries with different national currencies. Each party usually wants to deal in its own currency, but the transaction can be invoiced in only one currency. Provision of Credit: Because the movement of goods between countries takes time, inventory in transit must be financed. Minimizing Foreign Exchange Risk: The foreign exchange market provides "hedging" facilities for transferring foreign exchange risk to someone else. 3.4 Market Participants The foreign exchange market consists of two tiers: the interbank or wholesale market, and the client or retail market. Individual transactions in the interbank market usually involve large sums that are multiples of a million USD or the equivalent value in other currencies. By contrast, contracts between a bank and its client are usually for specific amounts, sometimes down to the last penny. Foreign Exchange Dealers: Banks, and a few nonbank foreign exchange dealers, operate in both the interbank and client markets. They profit from buying foreign exchange at a bid price and reselling it at a slightly higher ask price. Worldwide competitions among dealers narrows the spread...

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Foreign Exchange and the Canadian Dollar

22 The Canadian dollar has experienced dramatic fluctuations in recent years, rising from a low value of 62 cents U.S. in 2002, to levels that now meet or exceed parity with the U.S. dollar. These fluctuations have had tremendous impacts on exports, investment, and employment in many Canadian industries and regions. More recently, currency issues have become highly controversial in global economic diplomacy, too. For example, conflicts over currencies (especially between the U.S. and China) dominated the recent G20 summit in South Korea. Those conflicts were not resolved, and hence uncertainty and conflict over exchange rates will continue to mark much international interchange. What determines exchange rates, and why do they matter? This primer introduces some of the key issues

and concepts, to help make sense of the volatility. If you live in one country, but want to make a purchase in another country, you need to obtain some of that nation’s currency in order to facilitate the purchase. Therefore you arrange through a bank or some other financial intermediary to purchase some of that foreign currency, using some of your home currency. That transaction – converting one national currency into another – is called foreign exchange, and the system that arranges for those transactions is the foreign exchange market or system. There are many purposes for which foreign exchange is required. The most concrete reasons are to pay for imports from another country, or to visit that country and pay for things while you travel there. Businesses might also need to convert currency in order to pay for an investment in another country. In less concrete motivations, financial investors could convert currency in order to purchase financial assets (like bonds or corporate shares) in another country. In some cases, financiers purchase another nation’s currency purely for the purpose of holding that currency – hoping that its value (relative to other currencies) will increase, thus generating a speculative profit. The price of one unit of a currency (say, a dollar) is the amount you must pay in another currency in order to buy it. If this “price” of a currency rises, it becomes more expensive relative to other currencies, and it is said to “appreciate.” If a currency’s price falls, then it “depreciates.” A strong currency allows its owner to purchase more from other countries (goods, services, assets), since the currency is more valuable internationally. Today, most countries allow their currencies to trade freely on commercial markets. For these currencies, foreign exchange rates fluctuate each day on the basis of supply and demand – Foreign Exchange and the Canadian Dollar: A Primer Jim Stanford What is foreign exchange? Why buy and sell foreign exchange? What is the price of foreign exchange? What determines foreign exchange rates (I)? 23 Under flexible exchange rates, rates reflect the supply and demand for a currency. But what are the deeper factors behind those supply and demand pressures? To a small degree, real economic factors like trade and foreign investment flows might influence exchange rates. A country with a trade surplus (exporting more than it imports), or experiencing a strong inflow of foreign investment, might...

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Statement of Financial Accounting Standards No. 117 - FASB

Statement of Financial Accounting Standards No. 117 FAS117 Status Page FAS117 Summary Financial Statements of Not-for-Profit Organizations June 1993 Financial Accounting Standards Board of the Financial Accounting Foundation 401 MERRITT 7, P.O. BOX 5116, NORWALK, CONNECTICUT 06856-5116 Copyright © 1993 by Financial Accounting Standards Board. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of the Financial Accounting Standards Board. Page 2 Statement of Financial Accounting Standards No. 117 Financial Statements of Not-for-Profit Organizations June 1993 CONTENTS Paragraph Numbers Introduction .................................................................................................................. 1–3 Standards of Financial Accounting and Reporting: Purpose of a Set of

Financial Statements ............................................................... 4–5 Scope ...................................................................................................................... 6–8 Statement of Financial Position............................................................................ 9–16 Purpose and Focus of a Statement of Financial Position ............................... 9–10 Classification of Assets and Liabilities ........................................................ 11–12 Classification of Net Assets as Donor Restricted or Unrestricted................ 13–16 Statement of Activities ....................................................................................... 17–28 Purpose and Focus of a Statement of Activities........................................... 17–18 Changes in Classes of Net Assets....................................................................... 19 Classification of Revenues, Expenses, Gains, and Losses ........................... 20–23 Information about Gross Amounts of Revenues and Expenses ................... 24–25 Information about an Organization's Service Efforts ................................... 26–28 Statement of Cash Flows.................................................................................... 29–30 Purpose of a Statement of Cash Flows............................................................... 29 Amendments to Statement 95 ............................................................................ 30 Effective Date and Transition................................................................................... 31 Appendix A: Background Information..................................................................... 32–36 Appendix B: Basis for Conclusions ....................................................................... 37–152 Appendix C: Illustrative Examples ...................................................................... 153–167 Appendix D: Glossary.................................................................................................. 168 Page 3 Copyright © 1993, Financial Accounting Standards Board Not for redistribution FAS 117: Financial Statements of Not-for-Profit Organizations FAS 117 Summary This Statement establishes standards for general-purpose external financial statements provided by a not-for-profit organization. Its objective is to enhance the relevance, understandability, and comparability of financial statements issued by those organizations. It requires that those financial statements provide certain basic information that focuses on the entity as a whole and meets the common needs of external users of those statements. This Statement requires that all not-for-profit organizations provide a statement of financial position, a statement of activities, and a statement of cash flows. It requires reporting amounts for the organization's total assets, liabilities, and net assets in a statement of financial position; reporting the change in an organization's net assets in a statement of activities; and reporting the change in its cash and cash equivalents in a statement of cash flows. This Statement also requires classification of an organization's net assets and its revenues, expenses, gains, and losses based on the existence or absence of donor-imposed restrictions. It requires that the amounts for each of three classes of net assets—permanently restricted, temporarily restricted, and unrestricted—be displayed in a statement of financial position and that the amounts of change in each of those classes of net assets be displayed in a statement of activities. This Statement amends FASB Statement No. 95, Statement of Cash Flows, to extend its provisions to not-for-profit organizations and to expand its description of cash flows from financing activities to include certain donor-restricted cash that must be used for long-term purposes....

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Module 1 Financial Accounting and Reporting - Texas Education

1. Financial Accounting and Reporting Update 14 A MODULE OF THE TEXAS EDUCATION AGENCY FINANCIAL ACCOUNTABILITY SYSTEM RESOURCE GUIDE Published by Texas Education Agency Austin, Texas January 2010 Note: This document is formatted primarily for use on the Internet. Certain underlined passages may appear in the paper format representing hyperlinks to sites on the Internet that are provided for the benefit of individuals reading this document in an electronic format. January 2010 Texas Education Agency - Resource Guide . . . . . Financial Accounting and Reporting . i Contents 1. Financial Accounting and Reporting ......................................................................... 1 1.1 Financial Accounting Structure .......................................................................... 1 1.1.1 GAAP and Legal Compliance ................................................................ 2 1.1.2 Legal Requirements ................................................................................ 3 1.1.3 Accounting Principles and Policies

........................................................ 4 1.1.4 Fund Accounting .................................................................................. 16 1.1.4.1 Description of Fund Types ................................................................... 17 1.1.4.2 Description of Fund Code Categories and Capital Asset and Long-Term Liability Accounts ................................................................................ 18 1.1.5 Basis of Accounting ............................................................................. 23 1.1.6 Encumbrance Accounting .................................................................... 25 1.1.6.1 Encumbrance Liquidation .................................................................... 26 1.1.6.2 Treatment at Year End ......................................................................... 26 1.1.7 Interfund Transactions .......................................................................... 27 1.1.8 Nonexchange Transactions ................................................................... 28 1.1.9 Accounting Changes ............................................................................. 40 1.1.9.1 Accounting Treatment .......................................................................... 41 1.1.9.2 Correction of Errors .............................................................................. 42 1.1.10 Hierarchy of GAAP for State and Local Governments ........................ 43 1.1.11 GASB Statement Summaries ............................................................... 45 1.1.12 Change in Fiscal Year .......................................................................... 53 1.2 Financial Statement Elements .......................................................................... 58 1.2.1 Cash and Investments ........................................................................... 58 1.2.1.1 Definitions ............................................................................................ 59 1.2.1.2 Public Funds Investment ...................................................................... 61 1.2.1.3 Financial Statement Presentation and Disclosures ............................... 64 1.2.1.4 Interest Income and Accrued Interest Receivable ................................ 70 1.2.1.5 Depository Contracts ............................................................................ 71 1.2.2 Accounts Receivable ............................................................................ 71 1.2.2.1 Accounting for Receivables in Different Fund Types .......................... 72 1.2.2.2 Property Taxes ...................................................................................... 72 1.2.2.3 Allowance for Bad Debts ..................................................................... 74 1.2.2.4 Other Receivables ................................................................................. 75 1.2.3 Inventory .............................................................................................. 77 1.2.3.1 Monitoring and Valuation of Inventory ............................................... 78 1.2.3.2 Inventory Accounting ........................................................................... 79 1.2.3.3 Inventory Reporting ............................................................................. 80 1.2.3.4 Physical Inventories ............................................................................. 81 1.2.4 Capital Assets ....................................................................................... 82 1.2.4.1 Capital Asset Recording ....................................................................... 83 1.2.4.2 Basis of Capital Assets ......................................................................... 85 1.2.4.3 Property Accounts for Capital Assets .................................................. 86 . . . . . ii . Financial Accounting and Reporting . Texas Education Agency - Resource Guide January 2010 1.2.4.4 Accounting for Maintenance, Additions and Betterments ....................88 1.2.4.5 Accounting for Impairment of Capital Assets .......................................89 1.2.4.6 Depreciation ..........................................................................................94 1.2.4.7 Control of Capital Assets ......................................................................96 1.2.4.8 Inventories of Capital Assets .................................................................99 1.2.4.9 Reporting of Capital Assets ...................................................................99 1.2.4.10 Intangible Assets .................................................................................100 1.2.5 Liabilities .............................................................................................101 1.2.5.1 Accounts Payable ................................................................................102 1.2.5.2 Payroll Liabilities ................................................................................102 1.2.5.3 Arbitrage Rebate Liabilities ................................................................113 1.2.5.4 Accrued Expenses ...............................................................................114 1.2.5.5 Due to/from Other Funds ....................................................................115 1.2.5.6 Due to Student Groups ........................................................................116 1.2.5.7 Contractor Withholding .......................................................................116 1.2.6 Debt .....................................................................................................116 1.2.6.1 Recording of Long Term Debt in Different Types of Funds ..............118 1.2.6.2 Types of Debt Instruments ..................................................................120 1.2.6.3 Debt Refundings ..................................................................................126 1.2.6.4 Other Disclosure Requirements ..........................................................131 1.2.7 Risk Financing and Related Insurance Issues .....................................131 1.2.7.1 Accounting for Self-Insurance, Contingencies, Claims and Judgments133 1.2.7.2 Accounting of Self-Insurance and Loss Contingencies in Different Types of Funds ....................................................................................134 1.2.7.3 Participation in Public Entity Risk Pools ............................................135 1.2.7.4 Participating in a Public...

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Foreign Exchange Act - Parliament of Ghana

Foreign Exchange Act, 2006 Act 723 ARRANGEMENT OF SECTIONS Section Authority of Bank of Ghana and licensing 1. Authority of Bank of Ghana 2. Responsibility of Bank of Ghana 3. Requirement of licence 4. Application for a licence 5. Grant of licence 6. Refusal of licence 7. Conditions of licence 8. Register of licences 9. Non-transferability of licence 10. Renewal of licence 11. Suspension and revocation of licence 12. Conditions for revocation of licence 13. Notice of suspension, revocation or variation of licence 14. Review and appeal Provisions related to the conduct of foreign exchange business 15. Foreign exchange business and international payments 16. Requirement of permission for the payment or transfer of foreign currency 17. Power of Bank of

Ghana to regulate foreign exchange business and transfers between residents and non residents. 18. Power of the Bank to impose restrictions on the importation or exportation of foreign exchange. 19. Conditions for carrying out the business of foreign exchange transfers. 20. Imposition of temporary restrictions Enforcement and compliance 21. Provision of information by banks 22. Provision of information by persons 23. Court orders and admissibility of evidence 24. Search and seizure 25. Notice 26. Recovery or forfeiture 27. Retention of seized property Act 723 Foreign Exchange Act, 2006 Miscellaneous provisions 28. General prohibitions 29. Offences 30. General penalty 31. Rules 32. Regulations 33. Interpretation 34. Modification of existing enactments 35. Repeals, savings and transitional provisions 2 Act 723 THE SEVEN HUNDRED AND TWENTY-THIRD ACT OF THE PARLIAMENT OF THE REPUBLIC OF GHANA ENTITLED FOREIGN EXCHANGE ACT, 2006 AN ACT to provide for the exchange of foreign currency, for international payment transactions and foreign exchange transfers; to regulate foreign exchange business and to provide for related matters. DATE OF ASSENT: 29th December, 2006. ENACTED by the President and Parliament Authority of Bank of Ghana and licensing Authority of Bank of Ghana 1. (1) The Bank of Ghana is the licensing, regulatory and supervisory authority to give effect to this Act. (2) The Bank may require a person who is resident or who conducts business in the country to (a) furnish the Bank with details of part or the whole of that person's foreign exchange transactions; or (b) provide returns in a form prescribed by the Bank accompanied with details of that person's foreign exchange transactions. Responsibility of Bank of Ghana 2. (1) The Bank is responsible for the implementation of this Act. 3 Act 723 Foreign Exchange Act, 2006 (2) The Bank may, delegate to a person or class of persons the exercise of any of the powers conferred on the Bank under this Act, except the powers in section 20. (3) The Bank may by notice make rules, issue guidelines and manuals and request information to ensure the effective implementation of this Act. Requirement of licence 3. (1) A person shall not engage in the business of dealing in foreign exchange without a licence issued under this Act. (2) The Bank shall prescribe the banks or other corporate bodies or persons that it considers competent to engage in the business of dealing in foreign exchange. (3) The Bank shall issue...

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