U.S. Government Standard General Ledger Issues Resolution Committee (IRC) Meeting Minutes
June 5, 2008
This meeting was held at the U.S. Department of Transportation, 1200 New Jersey Avenue, SE., Conference Room No. 5, Washington, DC.
Karen Metler (FMS) opened the meeting and went over the agenda. She stated that the IRC would be discussing draft 2008 reclassified financial statements, footnotes for the SF 133, and revolving fund tie-points.
Gwen Marshman (FMS) reviewed the changes to the draft Reclassified Balance Sheet for the Closing Package for Fiscal 2008 Reporting. The group had no questions or comments.
Keith Mertz (FMS) reviewed the changes to the draft Reclassified Statement of Net Cost for Fiscal Year 2008 Reporting. The group had no questions or comments.
Michele Crisman (FMS) reviewed the changes to the draft Reclassified Statement of Changes in Net Position for Fiscal Year 2008 Reporting. The group had no questions or comments.
Kathy Winchester (FMS) reviewed a handout on the footnotes and additional information for the SF 133. She noted that the prior-year adjustment attribute was added to the SF 133 for fiscal 2008.
David Surti (DHS) suggested that, to be in accordance with generally accepted accounting principles, line 1B, Adjustments to Unobligated Balances Brought Forward, should be added to the Statement of Budgetary Resources (SBR). Kathy stated that this is a known disconnect and that agencies need to determine how their adjustments will affect their SBRs. The agencies should make their problems known to the Office of Management and Budget.
Michele reviewed the draft IRC Working Document for Revolving Fund Expenditure Trial Balance Tie-Points. During the discussion of tie-point number one, Assets = Liabilities, Net Position, Revenue, Expenses, and Gains/Losses (Preclosing), the group had comments on several USSGL accounts (see below).
Eileen Parlow (FASAB) recommended that USSGL account 1399, "Allowance for Subsidy," be removed from the table. Michele agreed and said that it would be deleted.
Marilyn Evans (DHS-FEMA) inquired as to whether the following USSGL accounts should be included:
The group decided that these accounts should be included to the extent that activity in these accounts is not credit reform activity. The USSGL staff will make separate tie-point workbooks for credit reform.
Karen pointed out that USSGL account 5312, "Interest Revenue - Loans Receivable/Uninvested Funds," should be included in the table. Michele agreed and said that it will be added.
Karen asked agency representatives if they had any issues and closed the meeting.
Judy Yuran, FMS