A for supplemental information on sustainability financial statements. This statement must cover all accounts and associated activities of the executive branch of the federal government. Treasury and OMB consolidate the legislative and judicial branches in the consolidated financial statements as well. To ensure that all material amounts across the three branches of government are accounted for, Fiscal Service uses the data submitted in GTAS plus records supported journal vouchers based on audited financial statements, as well as the authoritative data from the Central Accounting Reporting System CARS.
For terms and definitions related to this chapter, please view the TFM Glossary. The questionnaire asked for the component reporting entity to be identified. Upon completion of the survey, the entity was led to a reporting determination of consolidation entity, disclosure entity, related party, or not required to report.
It also requires entities to specify whether any other entities are component thereof i. Federal entities are required to confirm Reporting Agency determinations in Appendix 1b via an annual data call response.
Notify Fiscal Service if a survey is needed to document changes in rationale or for a new Reporting Agency determination. To ensure completeness, the component should perform a bottom up assessment to identify entities that may not have been identified through the top down approach.
Each component entity should perform an entity review annually to validate proper reporting at the entity level. Team fiscal. Notify Fiscal Service immediately if an entity analysis results in a determination s that differs from those outlined in Appendix 1b and include the basis for determination. In addition, questions concerning which component entity a federal entity needs to be consolidated into must be discussed with Fiscal Service. Final reporting entity determinations must be agreed upon by Treasury and OMB.
This data will flow to the face of the government-wide statements presented in the FR. Consolidation entities that is, the consolidated government-wide reporting entity or a consolidated component reporting entity may consolidate component or sub-component reporting entity financial statements prepared in accordance with SFFAS No.
Entities with a determination of disclosure or related party see Appendix 1b will continue to report Treasury Account Symbols TAS , if applicable, but when utilizing the disclosure or related party, TAS transactions must be processed as non-federal N. This information is reported by the consolidation entities and not a direct report by the disclosure or related party.
Therefore, if the entity has a relationship with a disclosure entity included in the government-wide financial statements or related party, make sure to report the federal or non-federal designation as non-federal.
Note: Several entities have expressed an interest in preparing subcomponent financial statements. These entities may be found in Appendix 1c. The purpose of these submissions is to enable Fiscal Service to conduct preliminary analysis on federal entity data to facilitate preparation of the FR. Significant entities must submit unaudited interim financial statements 21 business days after the end of third quarter.
A, Section III. All applicable documents are to be transmitted through MAX. To support the additional collaboration needed to report corrections of errors and changes in accounting principle, according to SFFAS No.
This survey is to assess whether entities anticipate having any corrections of errors, changes in accounting principles, or changes in presentation for the current FY. Surveys are to be transmitted through MAX. Federal entities should submit to Fiscal Service their contact information for internal representatives who are considered technical experts in the subject matter areas listed above, and who will be the point of contact for close collaboration throughout interim analysis and preparation of the FR.
Contact information must include name, phone number, email address, and subject matter area s of expertise and be submitted to Fiscal Service at financial.
Federal entity technical experts are required to provide feedback on the Significant Disclosures template on items of significance that occurred during the FY that should be considered by Fiscal Service for disclosure in the FR during its analysis and compilation process see Figure 2. In addition, federal entities are required to provide current-year updates, e.
The intention is to use this understanding to resolve in advance any anticipated issues for the current FY based on auditor feedback on prior-year disclosures in the FR. All federal entities significant and other must submit audited financial statements and notes in accordance with OMB Circular No. Federal entities should be aware that the significant disclosure collaboration process is also a requirement at year-end.
Federal entity technical experts must provide feedback on the Significant Disclosures template for items of significance that occurred from third quarter to the fiscal year-end that should be considered by Fiscal Service for disclosure in the FR during its analysis and compilation process see Figure 2.
In addition, federal entities are required to provide year-end updates. Examples of updates include, but are not limited to, changes to existing wording and the addition of new material information to the draft notes Word documents using the Track Changes feature in Microsoft Word.
Government, summarizes the financial activities of the federal government and off-budget federal entities. Using the Budget Deficit Reconciliation Template provided by Fiscal Service, entities must identify and explain any inconsistencies at both third quarter and at year-end.
The Budget Deficit Reconciliation Template is divided into three sections. These sections leverage reconciliations that entities already perform, focusing on collecting budget receipts data for significant entities, and identifying undistributed offsetting receipts data for key contributing entities. Previously, a reconciliation of entity outlays was requested. Fiscal Service may contact entities for assistance if questions should arise during this reconciliation.
Entities must submit this reconciliation 45 business days after third quarter and again at fiscal year-end. Federal trading partners and amounts for each federal line item reported based on the reclassified financial statements will be derived from GTAS ATB data.
Amounts identified as federal should be net of intra-departmental eliminations with the following exceptions:. All General Fund of the U. Government General Fund activity will be reported to the appropriate reclassified financial statement line within RC 30—RC 48 activities.
Therefore, they are not required to complete a Note 45 for the Balance Sheet, although certain exceptions apply. Significant entities report the line items on their financial statements based on what is most material and useful to them. These line items may not match line items in the reclassified financial statements for several reasons. For example, the reclassified financial statement line items may not apply to the federal entity, the amounts could be immaterial at the entity level, or the entity may find it useful to include more detail than the reclassified financial statement lines.
The federal entity must ensure the amounts reported with its own trading partner AID eliminate appropriately. Additionally, there may be situations in which there is not currently a TAS for the federal custodial entity to record the custodial collection and subsequent distribution.
For both situations, Fiscal Service has worked with OMB to assign a series FF of clearing accounts to coordinate the reporting of custodial activity between the two federal entities neither of which are the General Fund.
For additional information on the requirements for establishing one of these accounts, please email GovernmentwideIGT fiscal.
If federal entities have collections that do not meet Statement or Note on Custodial Activity reporting requirements, they should refer to the General Fund Receipt Account Guide. Funds from dedicated collections are financed by specifically identified revenues, often supplemented by other financing sources, which remain available over time.
The standard allows entities to present combined or consolidated amounts and the presentation must be labeled accordingly. Combined presentation does not eliminate intra-governmental balances or transactions with an entity. Intra-governmental transactions such as transfers amongst funds should not be eliminated or removed from the combined presentation. Note that intra-governmental activity that occurs within the same main account code should be eliminated for combined purposes.
The standard further requires the disclosure of condensed information on assets and liabilities, showing investments in Treasury securities, other assets, liabilities due and payable, other liabilities, cumulative results of operations and net position and gross cost, exchange revenue, net cost of operation, nonexchange revenues by major type and all other, other financing sources by major type and all other, and change in net position for all funds from dedicated collections.
At the government-wide level, the U. The Statement of Operations and Changes in Net Position shows funds from dedicated collections as consolidated and labels the statement accordingly, while the note disclosure for funds from dedicated collections discloses combined totals, intra-governmental eliminations within funds from dedicated collections, and consolidated totals.
A Section II. Beginning in FY the illustrative statements will be required and the reclassified crosswalk for the Balance Sheet in Note 45 will be eliminated. A for more details. This will crosswalk the funds from dedicated collections amounts and activity to the applicable reclassified financial statement line items.
Criminal debt primarily consists of fines and restitution that result from a wide range of criminal activities, including domestic and international terrorism, drug trafficking, firearms activities, and white-collar fraud. When an individual is sentenced in a federal criminal case, the judge may order the defendant to pay certain financial obligations, which may include a case assessment, fine, restitution, penalty, bail bond forfeiture, or interest.
Attorneys is responsible for establishing policies and procedures for the collection of criminal monetary penalties. The U. Attorneys are responsible for the enforcement of judgments, fines, penalties, and forfeitures imposed in their respective districts. There are 93 U. Attorneys publish the Annual Statistical Report that contains statistical tables displaying both national and district caseload data, covering the many priorities of the U.
Attorneys in both criminal prosecution and civil litigation. The CDCS is the system of record for debts being collected by Justice on behalf of others, including federal entities. The system is used by the U. The funds collected in federal restitution are disbursed back to the appropriate federal entities, while funds collected in bond forfeitures, fines and assessments are deposited into the Crime Victims Fund. Funds collected from penalties and certain costs are deposited in the General Fund of the U.
Courts assist Justice with the receipt and distribution of financial obligations ordered in a criminal judgment and serve as a conduit between the defendant and Justice. The majority of payments made to satisfy criminal restitution are received at the Clerk of Court offices. The Clerk of Court offices have the payee details from the criminal judgment to ensure proper disbursement of payments. Non-exchange revenue should be recognized when a specifically identifiable, legally enforceable claim to resources arises, to the extent that collection is probable more likely than not and the amount is reasonably estimable SFFAS No.
For accounts receivable resulting from non-exchange transactions, recognition is based on the completion of the assessment process that establishes an identifiable, legally enforceable claim to cash or other assets SFFAS No.
Federal accounting standards require that an allowance for uncollectible amounts be established to reduce the gross amount of receivables to its net realizable value SFFAS No. Public Access to Court Electronic Records PACER is an electronic public access service that allows registered users to obtain case and docket information online from federal appellate, district, and bankruptcy courts. The Judgment in a Criminal Case form issued by a court is a public record filed with the Clerk of Courts.
The Judgment in a Criminal Case form includes a schedule for Criminal Monetary Penalties , which details if any assessments, fines, or restitution have been established in the final judgment in a criminal case and lists the payees and amount of restitution ordered for each payee. This schedule also indicates if the fine or restitution are subject to interest.
The Judgment in a Criminal Case form also includes the Schedule of Payments , which lists the specific details as to when payments are to commence and the frequency of when payments are due. When a federal entity is listed as a payee in the Judgment in a Criminal Case form, the legally enforceable claim to cash or other assets is established.
Significant entities and other entities that are owed restitution as the result of a judgment in a criminal case are required, if material, to report in Note 6: Accounts Receivable, Net in OMB Circular No. Non-federal individuals and federal entities must have an ownership interest in the cash or other assets held by the government under provision of loan, regulation, or other fiduciary arrangement.
Federal entities should account for this fiduciary activity, which includes the collection of cash or other assets and their distribution to the non-federal owners or their beneficiaries, in accordance with SFFAS No. In accordance with the standard, there is relatively similar government activity that is specifically excluded from the SFFAS No. In addition, the government must disclose that the fiduciary assets are not assets of the government and are, therefore, not recognized on the U.
Government Balance Sheet. However, at the government-wide level, the U. Government Balance Sheet recognizes a liability for fiduciary Fund Balance with Treasury and a liability for fiduciary investments in U. However, both significant entities and other entities with fiduciary activity must enter the federal entity fiduciary activity note disclosure information in Note Fiduciary Activities in OMB Circular No.
Treasury GAS securities purchased using a non-fiduciary fund are normally classified as intra-governmental. The purchase of Treasury GAS securities using a fiduciary fund is not classified as intra-governmental. Federal entities that record activities with the General Fund must properly record the activity at the government-wide level to assist with the preparation of the FR.
Please refer to Appendix 11 for full General Fund reporting guidance. Z intra-governmental — This is an attribute domain value of a USSGL account balance that results from transactions that are intra-governmental in nature, but no reciprocal balances will be reported by any other federal entity. The attribute is limited to Reciprocal Category The information to be provided and the manner of obtaining audit coverage must be determined in consultation with Fiscal Service.
A, Section II. Such information may be reported by the significant reporting entity in i its annual financial report within a note to the financial statements, ii a limited use audited financial statements that includes the Note 45, or iii an audited Note 45 an audit of a special element. A are not required to produce Note 45 for the Balance Sheet. Significant entities that are FASB reporters with a calendar year-end should provide reclassification information to Fiscal Service with the audit assurance limited to the line items or note disclosures identified by Fiscal Service, as discussed below.
A for complete details. Significant entities with a year-end other than September 30 i. This set of data, as of September 30, will be used to populate the reclassified financial statement lines through the USSGL crosswalk. Provide Fiscal Service a copy of the independent audit report that includes the results of the audit performed on the material line items and notes disclosures identified by Fiscal Service. The parent entity transferor of the appropriation must report all activity of the child in its financial statements, whether material to the child entity recipient of the transfer or not, unless one of the two exceptions detailed below applies.
The parent entity is the trading partner entity for activity involving these TAS. For more detail on how to report trading partner information, please refer to Appendices 1a and 1b. A, revised are:. In these cases, the receiving entity child is responsible for reporting all proprietary activity in its financial statements and is the trading partner entity. Please refer to Appendices 1a and 1b for details on reporting trading partner information.
GTAS requires the parent entity and the child entity to agree on which federal entity will report the TAS in the bulk file submission. These categories assist in the elimination of federal activity at the government-wide level to prepare the FR.
Additionally, these reciprocal categories facilitate the reconciliation of activities between federal entities. Please see Appendix 2 for a complete list of reciprocal categories and the financial statements to which they relate.
Treaties and other international agreements may create liabilities and contingencies requiring recognition or disclosure in the financial statements. As such, all federal entities should consider treaties and other international agreements in the analysis and preparation of the entities' annual financial statements.
Treaties and other international agreements are written agreements between the U. The subjects of treaties span the whole spectrum of international relations: peace, trade, defense, territorial boundaries, human rights, law enforcement, environmental matters, and many others.
The Department of State developed and continues to manage the Circular Procedure C Procedure , which outlines the approval process for the negotiation and conclusion of international agreements to which the U. State publishes a list of treaties and other international agreements of the U.
Not all treaties and other international agreements are subject to the C Procedure. Below are the exceptions:.
These current facts and circumstances include the law that provides general authority for federal entity operations and specific budget authority to fund programs. If budget authority has not yet been provided, a future outflow or other sacrifice of resources might still meet the probability test if 1 it directly relates to ongoing entity operations and 2 it is the type for which budget authority is routinely provided.
Therefore, the definition applies both to liabilities covered by budgetary resources and to liabilities not covered by budgetary resources. State will not authorize such commitments without confirmation that the relevant budget approved by the President requests or provides funds adequate to fulfill the proposed commitment, or that the President has decided to seek the required funds.
All provisions of the C Procedure apply whether a proposed treaty or other international agreement is to be concluded in the name of the U. For financial reporting purposes, all treaties and other international agreements may be understood as falling into three broad categories:.
Treaties and other international agreements under the first category do not result in a liability or contingency when entered into force. Instead, these treaties or other international agreements may establish frameworks that govern cooperative activities, such as aviation safety with other countries, but leave to the discretion of the parties whether to engage in any such activities. In other cases, the agreements may contemplate specific cooperative activities, but create no present or contingent obligations to engage in them.
Cooperative activities relevant to these treaties and other international agreements often involve actions that federal entities undertake as part of their regular operations, funded by their regular budgets.
Treaties and other international agreements falling in the second category involve a present obligation, and therefore result in liability recognition.
Such present obligation may relate to the U. Government providing financial and in-kind support, including assessed contributions, voluntary contributions, grants, and other assistance to international organizations in which it participates as a member.
Examples of such agreements include:. Such agreements may not be entered without specific statutory authority to undertake the obligation to spend money. Liabilities arising from such agreements should be recognized for any unpaid amounts due as of the reporting date. These liabilities may either be fully funded or established against future funding. The last category encompasses treaties or other international agreements which result in contingencies that may require recognition or disclosure in the financial statements.
Such contingencies may stem from commitments in a treaty or other international agreement to provide goods, services, or financial support when a future event occurs, or from litigation, claims, or assessments forged by other parties to the agreement.
In such instances, conditions, situations, or circumstances exist involving uncertainty as to possible gain or loss to an entity that will ultimately be resolved when one or more future events occur or fail to occur.
If any of the conditions for liability recognition are not met, and there is at least a reasonable possibility that a loss or an additional loss may have been incurred, a contingent liability should be disclosed in the notes regarded as an integral part of the basic financial statements.
Disclosure should include the nature of the contingency and an estimate of the possible liability, an estimate of the range of possible liability, or a statement that such an estimate cannot be made. For circumstances where the recognition or disclosure of a contingent liability relates to litigation, claims, or assessments resulting from the U. For a summary of the proper financial treatment of contingent liabilities related to litigation, claims, and assessments, refer to subsection Federal entity management must determine whether the entity has treaties and other international agreements it is responsible for reporting.
If the federal entity has treaties and other international agreements it is responsible for reporting, entity management must:. A , Section IV. Federal entities should attach in Excel format a comprehensive SUM that includes uncorrected misstatements from the financial statement audit.
Please refer to A, Section IV. Subsequent events, for the purposes of this section, are events occurring after the written representations from entity management have been signed and the financial statements have been issued and before the date specified by Treasury [Financial Report of the United States Government audit report].
These events may include, for example, the enactment of significant legislation or the occurrence of events affecting the realization of assets such as receivables or the settlement of estimated liabilities or contingencies See SFFAS No.
The notification must indicate which information reported as basic or RSI would be affected by the events and how the information would be affected.
If the event requires a new or revised representation, the new or updated representation must be provided. Regardless of whether a significant entity reports a subsequent event, the subsequent events notification must state that the entity understands that the subsequent events update will be used by Treasury and OMB to prepare the FR and the FR MRL.
Significant entities with a year-end other than September 30 do not have to provide a SUM. If there are no uncorrected misstatements, a representation to this effect is required in the MRL. Federal entities are required to provide the adjusting entries to correct the misstatements. A summary of uncorrected misstatements and adjusting entries must be submitted in the standardized Excel format as shown in the Financial Audit Manual, Section C , and should contain the following:.
Please refer to the example below for reporting the adjusting entries for the summary of uncorrected misstatements to Fiscal Service. Significant entities' General Counsel must prepare interim and final legal representation letters that describe and evaluate pending or threatened litigation, claims, and assessments in which legal counsel has been engaged and has devoted substantial attention, in the form of legal consultation or representation, on behalf of the entity. When preparing the legal representation letter, a significant entity's General Counsel must also consider unasserted claims and assessments that management considers to be probable of assertion and that, if asserted, would have at least a reasonable possibility of an unfavorable outcome.
This statement must cover all accounts and associated activities of the executive branch of the Federal Government.
Executive branch agencies cannot easily reconcile balances with their legislative and judicial trading partners, unless the nonreporting agencies submit their balances. Therefore, when compiling the Financial Report of the United States Government FR , the Fiscal Service will record a journal voucher to eliminate any intragovernmental transaction differences related to legislative and judicial transactions.
Agency —Refers to the reporting entities for inclusion in the FR. The total sum of the debit balances must equal the total sum of the credit balances in the ATB.
Allocation Transfe r—This is the amount of budget authority transferred from one agency, bureau, or account that is set aside in a transfer appropriation account to carry out the purposes of the parent appropriation or fund. Agencies capture this information at the transaction level. Exchange revenue arises when a Federal entity provides goods and services to the public or to another Federal entity for a price.
Exchange revenue includes most user charges other than taxes. It groups budget authority and outlays of budget and off-budget Federal entities in terms of the national needs being addressed. OMB groups each of the 19 functions under the 5 superfunctions presented in the Budget of the United States Government. The Closing Package is the data submitted by each verifying agency for inclusion in the FR. Financial Statement Template —Each agency defines this template based on its comparative, audited consolidated, department-level financial statement line items and USSGL crosswalks.
General Fund Receipt Account —This is a receipt account credited with all collections that are not earmarked by law for another account for a specific purpose.
These include taxes, customs duties, and miscellaneous receipts. Interdepartmental and intradepartmental are subsets of intragovernmental. Probable Likelihood of Loss —This term implies that the future event or events are more likely than not to occur, with the exception of pending or threatened litigation and unasserted claims. For pending or threatened litigation and unasserted claims, the future confirming event or events are likely to occur.
If a negative outcome is probable, the agency must record a liability on its books for the estimated amount of loss. The estimated liability may be a specific amount or a range of amounts.
If some amount within the range is a better estimate than any other amount within the range, then the agency should recognize that amount as a liability and should disclose the range of possible loss as well as the nature of the contingency in its financial statement notes.
If no amount within the range is a better estimate than any other amount, then the agency should recognize the minimum amount in the range as a liability and should disclose the range and a description of the nature of the contingency in its financial statement notes. Reasonably Possible Likelihood of Loss —This term implies that the chance of the future event or events occurring is more than remote but less than probable. If it is reasonably possible that the agency will incur a loss, the agency must disclose the nature of the contingency and an estimate of the possible liability, an estimate of the range of the possible liability, or a statement that such an estimate cannot be made see SFFAS Nos.
Reciprocal Category RC —Is a set of Closing Package financial statement Federal line items that is used to perform eliminations at the Governmentwide level see subsection , and Appendices 6 and 7. Remote Likelihood of Loss —This term implies that the chance of the future event or events occurring is slight. If only a remote chance of loss is possible, the agency need not record a liability nor provide a note disclosure see SFFAS Nos.
Selected Nonverifying Agency —A selected nonverifying agency must submit quarterly full-proprietary ATBs in text format. Selected nonverifying agencies are those not listed in Figure 1. Special Fund Receipt Accounts —Receipt accounts credited with collections that are earmarked by law but included in the Federal funds group rather than classified as trust fund collections. Suspense Accounts —Agencies use these accounts to temporarily hold collections and in certain suspense accounts, to hold disbursements.
They use these accounts pending clearance to the applicable receipt or expenditure account in the budget. Trading Partner TP —An agency, department, or Federal entity that is party to intragovernmental transactions with another agency, department, or Federal agency.
Trading Partner Code —The attribute used to identify the trading partner agency see Appendix 5. Treasury Appropriation Fund Symbol TAFS —This combination of numbers denotes the responsible agency, period of availability, and fund classification according to a prescribed system of account classification and identification.
This data includes appropriation warrants, nonexpenditure transfers, fund balance with the Treasury, and appropriations received, as adjusted. S2 to the TFM, provides a uniform Chart of Accounts and technical guidance to be used in standardizing Federal agency accounting. See Figure 1 for the list of verifying agencies.
The purpose of these submissions is to enable the Fiscal Service to conduct preliminary analysis on agency data to facilitate preparation of the FR. Agencies must submit unaudited notes and other required supplemental disclosure information as deemed relevant and useful, for example, required supplemental information RSI , required supplementary stewardship information RSSI , and other information OI along with unaudited interim financial statements, in accordance with OMB Circular No.
Agencies should include all notes and supplemental information that will be included in their audited financial statements. In some cases, interim data may not be available or it may not be cost-effective to obtain the interim data.
Based on data availability, agencies may request alternate deadlines or may provide preliminary, place-holder for example, prior year or pro forma information. Note and supplemental information may also be transmitted directly to the Fiscal Service in accordance with Fiscal Service requests. Enter agency's comparative, audited consolidated, department-level financial statements. Reclassify agency's financial statements to Closing Package format.
Identify Federal Trading Partner Department codes. Refer to subsection Figure 2 depicts the Closing Package process. See Appendix 3 for the format of the FR Notes. Amounts identified as Federal should be net of intradepartmental eliminations with the exception of custodial revenues retained by the collecting department and capital transfers reported in RC 11 and RC See Appendix 5 for a complete list of Federal trading partner department codes.
Agencies must reclassify all General Fund activity trading partner code to the appropriate Closing Package financial statement line within RC 29 non-reciprocating activities. Agencies must determine what the General Fund activity represents and should reclassify the activity to the appropriate Closing Package line within RC 29 See Appendices 1, 6, and 7 for the appropriate reclassification of Closing Package financial statement lines.
Other FR Data can include stewardship information, social insurance disclosures, and supplemental information, such as deferred maintenance. Appendix 1 describes the Closing Package financial statement line items. Appendix 2 includes examples of how to reclassify agency line items to the Closing Package format.
For example, the Fiscal Service requires that agencies include two line items on the Statement of Net Cost or the Income Statement to facilitate the reclassification of this statement.
GFRS uses a normal balance concept. The normal balance is the regular balance of a line item and is either a debit or credit as determined by the account type selected. All numbers must be entered as positive numbers in GFRS, unless the balance of that line is abnormal, then the amount is entered as a negative number.
The normal balance attribute is used to determine the appropriate stored value of manually entered amounts. Verifying agencies report the line items on their financial statements based on what is most material and useful to them. These line items may not match line items in the Closing Package for several reasons. For example, the Closing Package line items may not apply to the agency, the amounts could be immaterial at the agency level, or the agency may find it useful to include more detail than the Closing Package reports.
The custodial revenue is reported by the collecting agency on the Statement of Custodial Activity or on the Custodial Activity Note. However, for exchange revenue collected for others with related cost incurred, agencies should follow the guidance from SFFAS No. Verifying agencies that report a Statement or Note on Custodial Activity in their comparative, audited consolidated, department-level financial statements reclassify exchange revenue without associated costs virtually no cost and nonexchange revenue from the Statement or Note on Custodial Activity to the Closing Package line items on the Statement of Changes in Net Position.
Funds from dedicated collections are financed by specifically identified revenues, often supplemented by other financing sources, which remain available over time. At the Governmentwide level, the U. Government Balance Sheet shows separately the portion of the net position attributable to funds from dedicated collections. The standard further requires the disclosure of condensed information on assets, liabilities, and net cost for all funds from dedicated collections.
The disclosure may present combined or consolidated amounts, and the presentation must be labeled accordingly. Additional note disclosure information on funds from dedicated collections also is required in the Closing Package, Appendix 3, Note 22, to be completed by both verifying and nonverifying entities with activity from funds from dedicated collections.
As such, verifying agencies cannot enter information related to the Statement of Social Insurance and the Statement of Changes in Social Insurance Amounts into a separate financial statement module. Since the Statement of Social Insurance and the Statement of Changes in Social Insurance Amounts are two of the basic financial statements to which the IG of the verifying agency, if applicable, must opine as to its consistency with the comparative, audited consolidated, department-level financial statements, verifying agencies must enter the information related to the Statement of Social Insurance and the Statement of Changes in Social Insurance Amounts into GFRS Module GF, FR Notes.
Non-Federal individuals and entities must have an ownership interest in the cash or other assets held by the Government under provision of loan, regulation, or other fiduciary arrangement. In addition, the Government must disclose that the fiduciary assets are not assets of the Government and are, therefore, not recognized on the U.
Government Balance Sheet. However, at the Governmentwide level, the U. Government Balance Sheet recognizes a liability for fiduciary cash held in Fund Balance With Treasury and a liability for fiduciary investments in U. Treasury GAS securities purchased using nonfiduciary deposit fund monies are normally classified as public and not intragovernmental. However, for purposes of this TFM, investments in GAS securities by nonfiduciary deposit funds are to be reclassified as intragovernmental.
Nonverifying agencies are directed to subsection They are not synonymous and agencies must distinguish one from the other when designating an appropriate partner code. Therefore, collecting agencies must record the accounting events in the GFRAs and must use their two-digit department codes in the GFRAs for collection and accrual activities for example, receivables, revenues, other financing sources, transfer in, etc.
In addition, agencies should refer to subsection Agencies should contact the Director, Financial Reports Division, via email at financial. Agencies that record activities with the General Fund also must properly record this Federal activity at the Governmentwide level to assist with the preparation of the FR. Refer to Appendix 1 for a description of each reclassified FR line and Appendices 6 and 7 for a listing of reclassified FR line reciprocal category designations and the financial statement to which they relate.
Converting agencies must perform an additional step in GFRS before reclassifying their financial statement line items to the Closing Package line items. They must convert their latest set of audited financial statements to a month set of financial statements using the FASAB standards and a September 30 ending date.
Converting agencies reclassify the converted data to the Closing Package line items instead of the data from their latest audited financial statements. They must subject all of the above-mentioned adjustments to their Closing Packages to the audit coverage described in subsection For the verifying agencies with a yearend other than September 30, a crosswalk with a month set of fiscal year financial statements should be provided to the Fiscal Service, as support to the Closing Package submission.
In addition, these agencies must provide an updated month set of the FY financial statements crosswalk after the audit is completed to show changes, if any, that may impact financial reporting at the Governmentwide level. Agencies must highlight any variances in the subsequent crosswalk and must provide reasons for the variances.
The parent agency transferor of the appropriation must report all activity of the child in its financial statements, whether material to the child agency recipient of the transfer or not, unless one of the three exceptions detailed below applies.
The parent agency must use its two-digit trading partner code for all activities and balances with the child agency. A, revised are:. In these cases, the receiving agency child is responsible for reporting all proprietary activity in its financial statements and GFRS.
The child must use its two-digit trading partner code for all activities and balances with the parent agency. Agencies that have activity with the child listed in the three exceptions must use the Federal trading partner code of the child in reporting their balances and transactions with the child in GFRS.
Note: The reporting differences with the nonreporting agencies for example, Judiciary Branch, House, Senate, etc. The differences will be eliminated via a journal voucher at the Governmentwide level.
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