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Comparison of
Financial Statement Presentation Options
for
Illinois School Districts and Joint
Agreements
| Presentation |
GASB 34 - GAAP |
GASB34 Reporting Model - Modified Cash Basis |
ISBE- Regulatory Basis |
| Full Accrual |
Yes |
No |
No |
| Management Discussion and Analysis |
Yes |
Yes |
No |
| Entity Wide Operating Statements with a Major
Program/Function Focus |
Yes |
Yes |
No |
| Entity Wide - Net Assets including Fixed Assets |
Yes |
Yes |
No |
| Depreciation Recorded |
Yes |
Yes |
No - Reported in Supplemental Info |
| Full Note Disclosures - GASB38 |
Yes |
Yes |
Yes |
| Individual Fund Statements |
Optional |
Optional |
Yes |
| Component Units included in report |
Yes - If Applicable |
Yes - If Applicable |
No |
| Budgetary Comparison |
RSI - General & Major Special Revenue Funds Only |
RSI - General & Major Special Revenue Funds Only |
Expenditures by Function |
| Original & Amended Budget Presented |
Yes |
Yes |
Final Only |
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| Additional Time required to prepare financial
statements |
Yes |
Yes |
No |
| Need to change accounting software |
Probably needed to capture accruals and depreciation
of fixed assets |
Maybe- to capture program activity and depreciation
on the modified cash basis |
Probably not - existing systems already report the
required information |
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| Type of Opinion |
Unqualified |
Qualified - OCBOA |
Adverse - OCBOA* |
| Restricted Use |
No |
No |
Yes* |
| Additional Report for AFR to ISBE |
Yes |
Yes |
No |
GAAP – Generally Accepted Accounting Principles
RSI – Required Supplemental Information
OCBOA – Other Comprehensive Basis of Accounting
* - If a Regulatory Basis report may be used by anyone
other than the auditee and the regulatory agency, the auditor must add an
“Adverse Opinion” paragraph to the auditor’s report. Therefore,
distribution is NOT limited.
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