[CAFR-Contacts-News] Agency Guide to Year-end Close Updated

[HAMILTON Robert W * DAS]

Hello CAFR Contacts,

We've made a few minor updates to the Agency Guide to Year-end Close that we wanted to share with you.  While most of the changes were in Chapter D, they are consistent with the guidance provided in the Year-end Close Training and other SARS-provided memos.

Here is a link to the chapters: https://www.oregon.gov/das/Financial/Acctng/Pages/Yr-end-cls.aspx

Chapter B

*         No changes


Chapter C

*         Within C.4.b (page C-4), added reference to OITP investment valuation account, GL 0235.

*         Added C.4.e (page C-16), which relates to outstanding balances with component units.  It is consistent with OAM 15.51.00 Outstanding Balances with Component Units.

*         To section C.5, question 8 (page C-18), a question was added (e.) asking whether outstanding balances with component units that meet the relevant criteria have been reported in the proper GL accounts.

Chapter D

*         Minor wording change on D.1 in the second paragraph (page D-1).

*         Various word order changes for clarity.  The substance of the guidance is unchanged.

*         Within D.10.a.2 (page D-14), additional information is added about the FDIC limits and the Public Funds Collateralization Program related to deposits and investments.

*         Within D.10.a.4 (page D-15), information added related to outstanding balances with component units. As with C.4.e above, it is consistent with OAM 15.51.00.

*         Within D.10.a.8 (page D-17), a question was added pertaining to whether accounts receivable pertaining to non-current receivables have been reclassified for financial reporting purposes, using TC 945, which was discussed during the Year-end Close Training.

*         Within D.10.a.10 (page D-18), information was added pertaining to the current portion, including the allowance, of loans receivable, which was discussed during the Year-end Close Training.

*         Added D.10.a.11 (page D-18), added information about outstanding balances with component units.  As with C.4.e above, it is consistent with OAM 15.51.00.

*         Within D.10.a.17 (page D-22), GLs 1775 and 1776, which relate to Net and Total OPEB liability, were added.

*         Within D.10.b (page D-26), added T-code 945 related to the reclassification of accounts receivables that have been assigned to the Department of Revenue from current to non-current receivables, which was discussed during the Year-end Close Training.

*         Within D.10.b (page D-30), added GLs 0431 and 0436 to Tcode 474.  These GLs are for the current portion of loans receivable and the related allowance for uncollectible amounts.

*         Updated D.10.e (page D-35) which relates to recording the net pension liability, for agencies recording the contributions subsequent to the measurement date, using SFMA.  Consistent with the memo that was recently sent out.

*         Updated D.10.f (page D-35) to provide information about recording the net and total OPEB liabilities, consistent with the guidance for pensions included in D.10.e.  Removed information about the net OPEB obligation, which was replaced by the net and total OPEB liability.

Chapter E

*         On pages E-8, E-9, and E10, for Tcodes 145, 458, and 473, respectively, added Tcodes 474 and 474R as related Tcodes, which reclassify non-current loans receivables to current (and back).

Chapter F - Schedule of Expenditures of Federal Awards

*         Within F.3 (page F-2), added a reference to Uniform Guidance.

*         Within F.4.c (page F-3), removed the section pertaining to loans and loan guarantees as institutions of higher education, given that the Oregon University System is no longer a state agency.

*         Minor wording changes for clarity. The substance of the guidance is unchanged.

Chapter G - Post-closing Adjustments

*         No changes.

Please let me know if you have any questions.

Thanks,

Rob

Robert W. Hamilton, CPA
Statewide Accounting and Reporting Services Manager
Chief Financial Office
Department of Administrative Services
Phone:  (503) 373-0299
http://www.oregon.gov/DAS/financial/acctng

Data Classification: Level 1 - Published

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