Class notes

Financial Accounting and Reporting

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Course
Accounting

Institution
Accounting

Financial Accounting and Reporting System Your school district must implement and use a standardized financial accounting and reporting system, as described in this module. The system must present fairly and with full disclosure the district’s funds, financial activities, and results of financi...

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Uploaded on May 13, 2024
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financial accounting and reporting

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Financial Accountability System Resource Guide, Update 17

Module 1: Financial Accounting and Reporting
Texas Education Agency
2020

, | Financial Accounting and Reporting
Module 1

Financial Accountability System Resource Guide, Update 17 Module
1: Financial Accounting and Reporting

Table of Contents

TABLE OF CONTENTS ............................................................................................................................

2 NOTES ON USING THIS MODULE

.......................................................................................................... 8

1.1 FINANCIAL ACCOUNTING REQUIREMENTS ....................................................................................
10

1.1.1 Financial Accounting and Reporting System .............................................................................................. 10

1.1.2 Statutory and Regulatory Requirements and Generally Accepted Accounting Principles ............................
11

1.1.2.1 Statutory and Regulatory Requirements ....................................................................................................
11

1.1.2.2 GAAP ...........................................................................................................................................................
12

1.1.2.3 Records Retention ......................................................................................................................................
13

1.1.3 Budget Requirements ............................................................................................................................... 13

1.1.4 Audit Requirements.................................................................................................................................. 14

1.1.5 District Fiscal Year .................................................................................................................................... 14

1.1.5.1 Changing to a June 30 Fiscal Year ...............................................................................................................
15

Texas Education Agency
2020 Financial Accountability System Resource Guide 2

, Module 1 | Financial Accounting and Reporting

1.1.5.2 Changing Back to an August 31 Fiscal Year End ..........................................................................................
16

1.1.6 District Depository Contract ......................................................................................................................
17

1.1.7 Investment of Public Funds ....................................................................................................................... 17

1.1.8 Requirements Related to Ethical Considerations ....................................................................................... 18

1.1.8.1 Nepotism .....................................................................................................................................................
18

1.1.8.2 Conflict of Interest ......................................................................................................................................
21

1.1.8.3 Other Conflict of Interest Disclosure Requirements ...................................................................................
24

1.2 FINANCIAL ACCOUNTING ELEMENTS ............................................................................................ 25

1.2.1 Current Assets .......................................................................................................................................... 25
1.2.1.1 Cash and Investments .................................................................................................................................
26

1.2.2 Accounts Receivable ................................................................................................................................. 27

1.2.2.1 Property Taxes ............................................................................................................................................
27

1.2.2.2 Other Receivables .......................................................................................................................................
28

1.2.3 Inventory ................................................................................................................................................. 29

1.2.3.1 Monitoring and Valuing Inventory ..............................................................................................................
29

1.2.4 Capital Assets ........................................................................................................................................... 30

1.2.4.1 Control of Capital Assets .............................................................................................................................
32

1.2.4.2 Inventories of Capital Assets .......................................................................................................................
32

1.2.4.3 Capitalization of Capital Assets ...................................................................................................................
33

Texas Education Agency
2020 Financial Accountability System Resource Guide 3

, | Financial Accounting and Reporting
1.2.4.4 Impairment of Capital Assets ......................................................................................................................
33

1.2.5 Liabilities .................................................................................................................................................. 37

1.2.5.1 Current Liabilities ........................................................................................................................................
37

1.2.5.2 Long-term Liabilities ...................................................................................................................................
38

1.2.5.3 Payroll Liabilities .........................................................................................................................................
38

1.2.5.4 Arbitrage Rebate Liabilities .........................................................................................................................
44

1.2.5.5 Contractor Withholding ..............................................................................................................................
46

1.2.6 Debt ......................................................................................................................................................... 46

1.2.6.1 Types of Debt Instruments ..........................................................................................................................
46

1.2.6.2 Debt Refunding ...........................................................................................................................................
47

1.2.6.3 Other Debt Disclosure Requirements .........................................................................................................
48

1.2.7 Risk Financing and Related Insurance Issues ............................................................................................. 50

1.2.8 Deferred Outflows of Resources and Deferred Inflows of Resources and Outflows and Inflows of Resources
......................................................................................................................................................................... 50

1.2.8.1 Deferred Outflows of Resources .................................................................................................................
51

1.2.8.2 Deferred Inflows of Resources ....................................................................................................................
52

1.2.8.3 Presentation of Deferred Outflows of Resources and Deferred Inflows of Resources on the Financial
Statements ..............................................................................................................................................................
53

1.2.8.4 Outflows of Resources and Inflows of Resources .......................................................................................
54

Texas Education Agency
2020 Financial Accountability System Resource Guide 4

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