GAAP Forms - OSF Form C-1 Instructions
The CAFR reports all revenues for the fiscal year ended on June 30, and the related balance sheet accounts. All revenues are accounted for on the cash basis by OSF. The purpose of this conversion package is to account for certain revenues that are subject to accrual and will be reported as either accounts receivable, allowance for uncollectible accounts, or deferred revenue.
A. Carefully read the key terms in Part III.
B. The Accounts Receivable/Deferred Revenue Summary form should reflect amounts at close of business on June 30.
C. Round all dollar amounts to the nearest whole dollar.
D. All working papers are subject to audit by the State Auditor & Inspector (SA&I). The agency is required to keep a copy of the completed summary form and all associated working papers for three years after the completion of the SA&I audit.
E. The person who completes and signs the summary form should keep a copy. OSF will contact this person if there are any questions.
F. If needed, call your agency’s financial reporting analyst for guidance.
G. Return the completed summary form to OSF no later than the due date shown on the form. If you can return it earlier, please do so. Mail should be sent to the Office of State Finance, 3812 N. Santa Fe Ave., Suite 290, Oklahoma City, OK 73118. Completed summaries may also be emailed to your financial reporting analyst.
H. If the summary form does not apply to your agency, check the box in the upper left portion of the summary, complete item (2) and return it to OSF.
A. Revenues For purposes of this package, revenues include all types of revenue from non-state parties that will not be reported by other means, such as other specific revenue conversion packages or another state agency. Therefore, miscellaneous revenues reported in this conversion package do NOT include:
Further, revenues from many licenses are not subject to accrual because the time of actual payment often immediately precedes the license period.
B. Measurable A revenue is measurable if:
C. Available A revenue is available if it is collectible by June 30, or soon enough thereafter to pay liabilities incurred on or before June 30. Generally, accounts receivable collected and deposited into an agency's continuing fund may be used to pay liabilities which exist at June 30.
D. Basis of Accounting The basis of accounting determines when to recognize revenues and expenditures in the financial statements.
E. Accounts Receivable Accounts receivable are all amounts that are measurable and due to your agency from parties outside state government at June 30. As of June 30 you either:
Accounts Receivable does not include amounts billed to parties prior to July 1 for licenses effective for a period beginning after June 30.
F. Allowance for Uncollectible Accounts Receivable. GAAP requires that the state report an allowance for uncollectible accounts receivable if a portion of the receivable is not expected to be collected. The financial statements show gross accounts receivable less the allowance.
G. Deferred Revenue Deferred revenue is a liability account which arises when an asset (cash or accounts receivable) has been collected or recorded while the revenue recognition criteria have not been met. GAAP requires deferred revenue to be reported at June 30 if your agency:
Deferred Revenue would not be recognized for a licensing fee received before the licensing period as long as the license period begins on or before August 31. Licensing fees received at June 30 for a license period beginning after August 31 would be considered deferred revenue.
A. Preparation of the Data Prior to completing the summary, it is necessary to identify and sum your agency's revenues that are subject to accrual at June 30. Specific revenue classifications and associated revenue receipt code series by major class (first digit) or sub-class (3 digits) are:
|Revenue Account Titles||Revenue Account Code Series|
|Licenses, permits and fees||420000|
|Fines, forfeits and penalties||430000|
|Charges for sales and services||470000|
|Other Revenues||443100, 444100, 445100, 451100,
454100, 456100, 458100 and 481100
Calculate or estimate the amount of cash that has been collected or reported, or will be collected or reported, for each type of revenue for any year(s) subsequent to this fiscal year to determine the amount of deferred revenue.
B. Completing the Accounts Receivable/Deferred Revenue Summary Form
C. Working Papers The agency should keep any documents that support data on the summary. For example, agencies should thoroughly document: