| Subject |
Contract Retention/Retainage |
| Authoritative Literature |
GASB 34 Paragraphs 16, 79, 92 |
| General Description |
- The statement of net assets and the statement of activities should
be prepared using the economic resources measurement focus and the
accrual basis of accounting. GASB 34 Paragraph 16.
- Financial statements for governmental funds should be presented
using the current financial resources measurement focus and the modified
accrual basis of accounting, as the terms are discussed in NCGA Statement
1, as amended. GASB 34 Paragraph 79.
- Proprietary fund statement of net assets and revenues, expenses,
and changes in fund net assets should be presented using the economic
resources measurement focus and the accrual basis of accounting. GASB
34 Paragraph 92.
|
| Current Reporting by STARS |
- Retainages payable are not accounted for in STARS although general
ledger account number 2031 exists in STARS.
|
Conversion Issues
(Data Needed, Journal Entries Required) |
- Retainage payable lifted from Kansas Department of Transportation's
CAFR is recorded in general ledger account 2020, accrued accounts
payable.
|
| Footnote Disclosure Required |
None. |
| Methodology of Gathering Data (including name of State agency and detail
description of data) |
- The amount of retainages payable is reported by KDOT in their CAFR.
- There are no other material retainages payable.
|
| Material State Agencies Affected |
KDOT. |
| Policies |
None. |
| Contacts |
Lloyd Pinon, KDOT
Ron Scheffler, Division of Facilities Management |
