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SACS Minutes, November 2012, Attachment C

This document is Attachment C to the Standardized Account Code Structure (SACS) Forum meeting minutes for November 6, 2012.
Discussion Draft: Governmental Accounting Standards Board (GASB) Statement 65 – Items Previously Reported as Assets and Liabilities

Item Description GASB 65 Paragraph(s) Current
Treatment 		GASB 65
Treatment 		Example
Unavailable revenue (governmental funds only)
30
Liability
Deferred inflow
Ten-year Special Education mandate settlement
Nonexchange revenue recognition:
N/A
N/A
N/A
N/A
Imposed (e.g., property taxes)
9
Liability
Deferred inflow
Payments for next year’s property tax levy that are received in the current year.
Government-mandated and voluntary
10
Liability
Deferred inflow
Grant payment received in the current year but not allowed to be spent until the subsequent year, and all other eligibility requirements have been met.
Debt issuance costs, except for prepaid insurance
14 – 15
Asset
Outflow (expense)
Underwriter fees, bond counsel, etc.
Debt refunding - difference between the carrying value of the refunded debt and the amount needed to refund the debt.
5 –  7
Asset or Liability
Deferred inflow (credit) or deferred outflow (debit)
The excess of the reacquisition price of refunded debt over its net carrying amount will be reported as a deferred outflow of resources.
Sales of future revenues/intra-entity transfers of future revenues
11 – 13
Liability
Deferred inflow
N/A
Sale-leaseback gain/loss
18

Asset (loss)
Liability (gain)

Deferred outflow
Deferred inflow
N/A
Questions:   Financial Accountability & Information Services | sacsinfo@cde.ca.gov | 916-322-1770
Last Reviewed: Tuesday, January 30, 2024