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GASB Summaries |
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GASB Summaries |
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Statement No. 19 Governmental College and University Omnibus Statement-an amendment of GASB Statements No. 10 and 15 STATUS Issue Date: September 1993 Effective Date: Pell grants-financial statements for periods beginning after June 15, 1993; risk financing activities-financial statements for periods beginning after June 15, 1994 Affects: Amends GASBS 10, ¶64 Amends GASBS 15, ¶4a Affected by: No other pronouncements Primary Codification Section Reference: Co5 Abbreviations for Accounting Pronouncements GASBS - GASB Statements GASBI - GASB Interpretations GASBTB - GASB Technical Bulletins GASBCS - GASB Concepts BFC - Basis for Conclusions NCGAS - NCGA Statements NCGAI - NCGA Interpretations SOP - AICPA Statements of Position ASLGU - AICPA Audit Guide SUMMARY This Statement requires governmental colleges and universities that follow the AICPA College Guide model to report Pell grants in a restricted current fund. This Statement also requires that if a single fund is used to account for risk financing activities, that fund should be reported as an unrestricted current fund. For Pell grants, this Statement is effective for financial statements for periods beginning after June 15, 1993. For risk financing activities, this Statement is effective for financial statements for periods beginning after June 15, 1994. Early application is encouraged. Unless otherwise specified, pronouncements of the GASB apply to financial reports of all state and local governmental entities, including public benefit corporations and authorities, public employee retirement systems, governmental utilities, governmental hospitals and other healthcare providers, and governmental colleges and universities. Paragraph 2 discusses the applicability of this Statement. Copyright by Governmental Accounting Standards Board. All Rights Reserved. Used by Permission. Click Here for Order Information
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