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A Microsoft Word version of this letter is available for download
and PRINTING. |
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July 31, 2008 TO THE ADMINISTRATOR ADDRESSED: SUBJECT: Update 13 to the Financial Accountability System Resource Guide This letter is to communicate that the Financial Accountability System Resource Guide (Resource Guide) published by the Texas Education Agency (TEA) was amended to implement revisions to the financial accountability standards in accordance with bills passed during the 80th Legislature, Regular Session, and to implement other necessary revisions to the Resource Guide. Resource Guide link: http://www.tea.state.tx.us/school.finance/index.html#audit The most notable differences relate to: Format While versions 7 through 12 were published in html format, version 13 appears in pdf files. Each module may be saved to your computer, and the search function of the pdf file can be used. Bookmarks (normally on the left, depending on your setup) may be used to jump to a particular topic. The appendices in Module 1, Financial Accounting & Reporting (FAR), were placed in a separate document due to file size, and now appear as FAR Appendix on the main menu. Module 10, GASB 34, was merged into section 1.7 of Module 1, Financial Accounting & Reporting (FAR). Module 11, Dropout Audit, was deleted since the requirement was rescinded by a previous legislative session. TRS Reporting for 2008 audits GASB Statement No. 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions, is effective in all school districts for the fiscal year (FY) ending in 2008 (August 31 or June 30). This statement becomes effective based on the implementation date of GASB 34, which all school districts were required to comply with for the fiscal year end beginning September 1, 2001. A uniform implementation timeline is necessary in all school districts in order to assure comparable data in annual financial reports and other sources of financial data. Information on GASB 45 reporting is available on the Teacher Retirement System (TRS) website under Employers/Reporting Officials/GASB Statement Information. Unless a school district furnishes other post-employment benefits aside from those offered by TRS, all the necessary information can be obtained from the TRS website. Additional data for Medicare Part D On-Behalf Payments is provided this year by TRS regarding GASB Statement No. 24, Accounting and Financial Reporting for Certain Grants and Other Financial Assistance, at the same link on the TRS website. TRS link: http://www.trs.state.tx.us/employers.jsp?submenu=reporting&page_id=/reporting/gasb OMB Circular A-133 for Single Audits IMPORTANT NOTE: Any references to the March 2007 Compliance Supplement should be replaced by the March 2008 Compliance Supplement. The March 2008 Compliance Supplement was released subsequent to approval of Version 13. The direct link to the 2008 Supplement is as follows: http://www.whitehouse.gov/omb/circulars/a133_compliance/08/08toc.html The link that will provide links to historical versions of the Compliance Supplement is as follows: http://www.whitehouse.gov/omb/circulars/ If you have questions about revisions to the Resource Guide, please call (512) 463-9095 to contact Janice Hollingsworth or me. Sincerely, Rita Chase  |
