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GAAP POLICY AND PROCEDURE
MANUAL |
Filing No. F8 |
Revision Date: August, 2003
Date Issued: May, 2000
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Revisions Throughout
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| Subject |
Consideration of GASB Statement 20 |
| Authoritative Literature |
GASB 34 Paragraphs 93-94
GASB 20 |
| General Description |
- Based on the provisions of Statement 20, paragraph 6, proprietary
funds should be reported based on all applicable GASB well as pronouncements
well as applicable FASB Statements and Interpretations, APB Opinions,
and ARBs of the Committee on Accounting Procedure issued on or before
November 30, 1989, unless those pronouncements conflict with or contradict
GASB pronouncements. GASB 34 Paragraph 93.
- For enterprise funds, governments may elect to apply all FASB Statements
and Interpretations issued after November 30, 1989, except for those
that conflict with or contradict GASB pronouncements, based on the
provisions of paragraph 7 of Statement 20, as amended by this Statement.
Governments are encouraged to use the same application of FASB pronouncements
for all enterprise funds. GASB 34 Paragraph 94.
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| Current Reporting by STARS |
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Conversion Issues
(Data Needed, Journal Entries Required) |
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| Footnote Disclosure Required |
- The election the State made re GASB 20.
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| Methodology of Gathering Data (including name of State agency and detail
description of data) |
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| Material State Agencies Affected |
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| Policies |
The FASB Statements issued after November 30, 1989 will not be applied
to the enterprise funds. |
| Contacts |
Suzie Yeh, Division of Accounts and Reports |
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