U.S. Government Standard General Ledger Board and Issues Resolution Committee Meeting Minutes

September 15, 2005

GENERAL ITEMS:

Judy Yuran (FMS) opened the meeting and introductions were made. Judy noted items on the agenda to be reviewed.

HANDOUTS

• Appropriations Provided by a Continuing Resolution Scenario
  
  
• Correction of Errors and Changes in Accounting Principles Draft Chart of Accounts
  
  
• Correction of Errors and Changes in Accounting Principles Draft Accounts and Definitions
  
  
• Correction of Errors and Changes in Accounting Principles Draft Transactions
  
  
• USSGL TC - D102 from Section III (TFM T/L S2 05-03)

AGENDA ITEMS

Karen Metler (FMS) gave a brief overview of the Continuing Resolution Scenario. The Continuing Resolution Scenario proposes USSGL account 1090, "Fund Balance With Treasury under a Continuing Resolution." She highlighted that even though a warrant may not be issued, agencies' Fund Balance With Treasury (FBWT) should be recorded under a continuing resolution (CR). The CR entitles agencies to FBWT. SFFAS No. 7, "Accounting for Revenue and Other Financing Sources and Concepts for Reconciling Budgetary and Financial Accounting," paragraph 71, states that appropriations should be recognized in capital as "unexpended appropriations" (and among assets as "funds with Treasury") when made available for apportionment, even if a Treasury warrant has not yet been received, or the amount has not been fully apportioned. USSGL account 1010, "Fund Balance With Treasury" will continue to match the FMS 6653. The agencies' USSGL account 1010 balances may become negative during a CR, but the proposed USSGL account 1090 balance should offset the USSGL account 1010's negative balance. Comments were requested, and Maryla Engelking (DoD) asked why there were closing entries at the end of the quarters one, two, and three in the scenario. The reason for the quarterly closing entries is for illustrative purposes since quarterly financial statements are included in the scenario, particularly the Balance Sheet. Karen will forward the comment to the creator of the scenario, Melinda Pope (FMS), for further discussion.

Michele Crisman (FMS) presented the changes to the proposed prior-period adjustment (PPA) accounts, definitions, and transactions. If the following proposed accounts are approved by the IRC Board, they will be effective for fiscal year 2006:

• 3108 "Unexpended Appropriations - Prior-Period Adjustments Due to Corrections of Errors";
  
  
• 3109 "Unexpended Appropriations - Prior-Period Adjustments Due to Changes in Accounting Principles";
  
  
• 5708 "Expended Appropriations - Prior-Period Adjustments Due to Corrections of Errors";
  
  
• 5709 "Expended Appropriations - Prior-Period Adjustments Due to Changes in Accounting Principles";
  
  
• 7400 "Prior-Period Adjustments Due to Corrections of Errors";
  
  AND
  
  
• 7401 "Prior-Period Adjustments Due to Changes in Accounting Principles."

The IRC members were asked to review the transactions and respond with comments by close of business September 20, 2005.

CLOSING REMARKS:

Judy closed the meeting by mentioning that the prior-period adjustment transactions may not encompass all of the possible budgetary entries. The IRC will address adding additional budgetary entries to the PPA transactions if there is a need for them.

ATTENDEES:

Judy Yuran (FMS)
Shadonna Broaddus (FMS)
Michele Crisman (FMS)
Keith Mertz (FMS)
Karen Metler (FMS)
Karl Foltz (FMS)
Toni Clark (FMS)
Christine Chang (FMS)
Marilyn Evans (DHS)
Teresa Lampkin (DOT)
David Surti (USDA)
Jennifer Fleming (Ed)
Tara Tucker (Ed)
Christine Chang (DoT)
Taci Carroll (HUD)
Gregory Parker (HUD)
Donald Dispanet (HUD)
Tesfaye Wyes (USAID)
Tim Siekierka (FCC)
Jeanette Kuendel, PTO
Maryla Engelking (DoD)
Kathy Sherrill (DoD)
Andrea Cherry (FMS)
Don Geiger (TREAS)
Christine Kent (OPM)
Martha Cooper (DFAS)
Patrice Cousins (NSF)