[CAFR-Contacts-News] 2nd Try - Follow-up to Year-end Close Training - Month 13 and Gold Star Changes

[ROSS Kathryn * SCD SARS]

Let's try this again!

 

Hello CAFR Accountants,

 

During the year-end close training held last June, we discussed the
pressure to produce a "faster" CAFR and that Month 13 will be reduced
from five weeks to four weeks for FY 2012.  

 

It is very hard to find opportunities to eliminate work, and mandatory
furlough days do not help. Therefore, it is critical that agencies
examine their current processes to identify opportunities to record
activities earlier in the year rather than waiting until Month 13.  In
particular, agencies should develop procedures to review and record
long-term debt activity and the activities related to the acquisition,
transfer, or disposition of capital assets on a quarterly basis, if not
more often.

 

Other issues discussed during the year-end training included an update
to the Gold Star criteria. Beginning in 2012, three Gold Star changes go
into effect: 

 

*         First, the official Gold Star measurement period will run from
January through December, with the certificate awarded the following
January. Throughout the calendar year, it is critical that agencies
perform the various tasks, record required accounting entries, or submit
information deemed critical to the year-end closing process and
preparation of the CAFR, the SWCAP, and CMIA reports by the specified
due dates.  A good example is the implementation of GASB 54.  SARS was
pleased to announce in June that nearly 100 percent of agencies
completed their GASB 54 assigments by the various due dates that
stretched from February through May, 2011.

 

*         Secondly, agencies must ensure that one or more of their
"CAFR" accountants attend all governmental accounting training sponsored
by SARS, unless the training does not apply.  For example, in June 2010,
SARS presented refresher training on the accounting and reporting for
long-term debt. If an agency has no long-term debt, that agency's CAFR
accountants would not be required to attend.

 

*         Last, all post-closing adjustments (those adjustments given to
agencies in January that are needed to sync up an agency's current year
beginning balances with the CAFR's prior year ending balances) must be
recorded no later than the close of Month 10 (March).

 

Although SARS is currently "knee-deep" in CAFR preparation, we will be
available to meet with agencies beginning in January to discuss any
concerns you might have.

 

Thank you,

Kathy

 

Kathryn Ross

Statewide Accounting & Reporting Manager

Oregon State Controller's Division

155 Cottage Street NE, U-50

Salem, OR 97301

NEW Phone:  (503) 373-0265

Fax:  (503) 378-3514

http://oregon.gov/DAS/SCD/SARS

 

Data Classification: Level 1 - Published

  

 

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