SACS Minutes, November 2012, Attachment C
This document is Attachment C to the Standardized Account Code Structure (SACS) Forum meeting minutes for November 6, 2012.Discussion Draft: Governmental Accounting Standards Board (GASB) Statement 65 – Items Previously Reported as Assets and Liabilities
| Item Description | GASB 65 Paragraph(s) | Current Treatment |
GASB 65 Treatment |
Example |
|---|---|---|---|---|
| Unavailable revenue (governmental funds only) | 30 |
Liability |
Deferred inflow |
Ten-year Special Education mandate settlement |
| Nonexchange revenue recognition: | N/A |
N/A |
N/A |
N/A |
| Imposed (e.g., property taxes) | 9 |
Liability |
Deferred inflow |
Payments for next year’s property tax levy that are received in the current year. |
| Government-mandated and voluntary | 10 |
Liability |
Deferred inflow |
Grant payment received in the current year but not allowed to be spent until the subsequent year, and all other eligibility requirements have been met. |
| Debt issuance costs, except for prepaid insurance | 14 – 15 |
Asset |
Outflow (expense) |
Underwriter fees, bond counsel, etc. |
| Debt refunding - difference between the carrying value of the refunded debt and the amount needed to refund the debt. | 5 – 7 |
Asset or Liability |
Deferred inflow (credit) or deferred outflow (debit) |
The excess of the reacquisition price of refunded debt over its net carrying amount will be reported as a deferred outflow of resources. |
| Sales of future revenues/intra-entity transfers of future revenues | 11 – 13 |
Liability |
Deferred inflow |
N/A |
| Sale-leaseback gain/loss | 18 |
Asset (loss) |
Deferred outflow |
N/A |
Questions:
Financial Accountability & Information Services | sacsinfo@cde.ca.gov | 916-322-1770
Last Reviewed: Tuesday, January 30, 2024
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