The GASB has issued Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions, to provide clearer, more structured fund balance classifications and clarify the definitions of existing governmental fund types. Statement 54 addresses the diversity of practice and resulting lack of comparability that has evolved in this widely-used area of state and local government financial reports. The new standards establish a hierarchy of fund balance classifications based primarily on the extent to which a government is bound to observe constraints on how resources reported in governmental funds may be used.
More information about Statement 54 may be accessed through the GASB's website at www.gasb.org.
Showing posts with label CAFR. Show all posts
Showing posts with label CAFR. Show all posts
Monday, March 16, 2009
Wednesday, November 19, 2008
AGA Research Study Sees Bright Future for XBRL Use in State/Local Governments
Research studied the creation of XBRL-enchanced CAFR Statements in the state of Oregon
Alexandria, VA (November 19, 2008) - Using XBRL (short for eXtensible Business Reporting Language) in public sector financial reporting is the subject of a research study, released in September 2008 by the Association of Government Accountants (AGA).
This report entitled, XBRL and Public Sector Financial Reporting: Standardized Business Reporting: the Oregon CAFR Project, studied the feasibility of developing and using an XBRL taxonomy to tag data in a state's Comprehensive Annual Financial Report (CAFR). It is the first actual pilot implementation of XBRL in the governmental sector.
AGA's research team built a taxonomy that tagged two statements in the Oregon CAFR: the Statement of Activities and the Statement of Net Assets. The taxonomy was used to reproduce an instance document with tagged data. The data was then rendered (reproduced) in the form of the original statements. The taxonomy included 150 Governmental Accounting Standards Board (GASB)-compliant tagged data elements.
The report describes the research effort, provides a brief technical overview of XBRL, and contains graphics demonstrating the processes of converting the CAFR data into XBRL, creating the instance document and rendering the instance document into a readable conventional file format.
The significant findings of the research were that:
1) A CAFR taxonomy for all states would have to be at a relatively high level since line items (at least by title) are likely to vary considerably among the states.
2) There are good reasons for looking at XBRL to improve the handling, exchange and reporting of public sector financial information.
3) There is a tremendous opportunity for more research in this area and an even greater opportunity for improved municipal reporting.
Alexandria, VA (November 19, 2008) - Using XBRL (short for eXtensible Business Reporting Language) in public sector financial reporting is the subject of a research study, released in September 2008 by the Association of Government Accountants (AGA).
This report entitled, XBRL and Public Sector Financial Reporting: Standardized Business Reporting: the Oregon CAFR Project, studied the feasibility of developing and using an XBRL taxonomy to tag data in a state's Comprehensive Annual Financial Report (CAFR). It is the first actual pilot implementation of XBRL in the governmental sector.
AGA's research team built a taxonomy that tagged two statements in the Oregon CAFR: the Statement of Activities and the Statement of Net Assets. The taxonomy was used to reproduce an instance document with tagged data. The data was then rendered (reproduced) in the form of the original statements. The taxonomy included 150 Governmental Accounting Standards Board (GASB)-compliant tagged data elements.
The report describes the research effort, provides a brief technical overview of XBRL, and contains graphics demonstrating the processes of converting the CAFR data into XBRL, creating the instance document and rendering the instance document into a readable conventional file format.
The significant findings of the research were that:
1) A CAFR taxonomy for all states would have to be at a relatively high level since line items (at least by title) are likely to vary considerably among the states.
2) There are good reasons for looking at XBRL to improve the handling, exchange and reporting of public sector financial information.
3) There is a tremendous opportunity for more research in this area and an even greater opportunity for improved municipal reporting.
Monday, October 06, 2008
AGA's CPAG Releases New Research Report on XBRL
AGA has long supported the use of XBRL to potentially improve the transparency and analysis in government financial reporting. Accordingly, AGA decided to implement a research project to study the benefits of developing and using an XBRL-taxonomy to tag data in a state’s Comprehensive Annual Financial Report, or CAFR. It was decided that the project should focus on one state pilot, with the intent that the results would prove to be helpful to other states contemplating a similar effort. Read the report, XBRL and Public Sector Financial Reporting.
Public Forum on XBRL Set For Oct. 16
Interactive data means greater accuracy, integrity and reduced cost in government reporting. Attend the XBRL Public Sector Symposium, Washington, D.C., on Oct. 16, 2008. Government employee discounts are offered.
Learn how structured data improves municipal securities processing, grants reporting, standardizing government reporting and agency collaboration.
Hear from:
Steven O. App, CGFM, Deputy Director and CFO, Federal Deposit Insurance Corporation (FDIC)
Kim R. Wallin, CPA, CMA, CFM, Controller, State of Nevada
Mary Simpkins, Office of Municipal Securities, and David Blaszkowsky, Office of Interactive Disclosure, Securities and Exchange Commission
Ernesto Lanza, Municipal Securities Regulatory Board
H. Wes Bills, Nevada Department of Agriculture
AGA Executive Director Relmond Van Daniker, DBA, CPA, will moderate a session on municipal reporting in XBRL format.
Click here to find out more and to register.
Public Forum on XBRL Set For Oct. 16
Interactive data means greater accuracy, integrity and reduced cost in government reporting. Attend the XBRL Public Sector Symposium, Washington, D.C., on Oct. 16, 2008. Government employee discounts are offered.
Learn how structured data improves municipal securities processing, grants reporting, standardizing government reporting and agency collaboration.
Hear from:
Steven O. App, CGFM, Deputy Director and CFO, Federal Deposit Insurance Corporation (FDIC)
Kim R. Wallin, CPA, CMA, CFM, Controller, State of Nevada
Mary Simpkins, Office of Municipal Securities, and David Blaszkowsky, Office of Interactive Disclosure, Securities and Exchange Commission
Ernesto Lanza, Municipal Securities Regulatory Board
H. Wes Bills, Nevada Department of Agriculture
AGA Executive Director Relmond Van Daniker, DBA, CPA, will moderate a session on municipal reporting in XBRL format.
Click here to find out more and to register.
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