tailieunhanh - REPORT NO. 2011-129 MARCH 2011 POLK STATE COLLEGE Financial Audit_part3

BÁO CÁO KHÔNG. 2011-129 Cán bộ kinh doanh (NACUBO) cũng cung cấp Trường Cao đẳng với các khuyến nghị quy định theo nguyên tắc kế toán chung được chấp nhận bởi GASB và Kế toán - Tài chính Tiêu chuẩn Hội đồng quản trị (FASB) ban hành. GASB cho phép các trường cao đẳng nào lựa chọn báo cáo khác nhau. | March 2011 report No. 2011-129 POLK STATE COLLEGE A component unit of the state of FLORIDA notes to financial statements Continued June 30 2010 Business Officers NACUBO also provides the College with recommendations prescribed in accordance with generally accepted accounting principles promulgated by GASB and the Financial Accounting Standards Board FASB . GASB allows public colleges various reporting options. The College has elected to report as an entity engaged in only business-type activities. This election requires the adoption of the accrual basis of accounting and entitywide reporting including the following components Management s Discussion and Analysis Basic Financial Statements Statement of Net Assets Statement of Revenues Expenses and Changes in Net Assets Statement of Cash Flows Notes to Financial Statements Other Required Supplementary Information Basis of Accounting. Basis of accounting refers to when revenues expenses and related assets and liabilities are recognized in the accounts and reported in the financial statements. Specifically it relates to the timing of the measurements made regardless of the measurement focus applied. The College s financial statements are presented using the economic resources measurement focus and the accrual basis of accounting. Revenues expenses gains losses assets and liabilities resulting from exchange and exchange-like transactions are recognized when the exchange takes place. Revenues expenses gains losses assets and liabilities resulting from nonexchange activities are generally recognized when all applicable eligibility requirements including time requirements are met. The College s component unit uses the economic resources measurement focus and accrual basis of accounting whereby revenues are recognized when earned and expenses are recognized when incurred and follows GASB standards of accounting and financial reporting. The College follows GASB pronouncements and FASB pronouncements issued on or before .