Colorado Higher Education Institutions'

Financial Advisory Committee (FAC)

GASB #34/35

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To assist Colorado higher education institutions with the implementation issues associated with GASB statement # 35, the FAC organized a sub-committee, identified as the GASB #35 Implementation Team (GIT), to identify and resolve the financial reporting concerns arising from the implementation of the new reporting standards.  The following links provides the results of the GIT's work. 

• Fiscal Year 2001-2002 Required Third Quarter Entries (.pdf file)
  
• FY02 Closing Issues (.pdf file)
  
• GASB #35 Implementation Team (.pdf file)
  
• Implementation Plan (.pdf file)
  
• Issue Papers
  
• Time Table for Changes to Colorado Higher Education Accounting Standards (.pdf file) 
  
• Reconciliation of Statement of Revenues, Expenditures, and Other Changes to Fund Balances
  and SRECNA (.xls file)
  This spreadsheet reconciles two statements - a simple Statement of Revenues, Expenditures and Other Changes in Fund Balances and a Statement of Expenses, Revenues, and Changes in Net Assets - for the same activity. The reported activity is neither specific to nor exactly representative of any Colorado public institution but rather was derived from sample statements included in the NACUBO Implementation Guide. The purpose of including the spreadsheet in this Guidebook is to facilitate an understanding of the changes between the old income statement and the new reporting model and not to provide authoritative guidance on what the new income statement should look like.

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Questions?

Vicki Nichol, Higher Education Fiscal Coordinator -  (303) 837-2150

E-Mail Address: vicki.nichol@cu.edu

Revised: February 26, 2008