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U.S. Government Standard General Ledger
Issues Resolution Committee (IRC) Meeting Minutes

June 9, 2011

GENERAL ITEMS:

Kathy Winchester (FMS) opened the meeting. She said that the annual revision to the Treasury Financial Manual (TFM) Transmittal Letter No. 658, revision to I TFM 2-4700, Governmentwide Financial Report System (GFRS), has not been released as of this date. The USSGL crosswalks presented today are for the reclassified financial statements that include revisions from an April 2011 draft received by the USSGL Division. USSGL TFM release of these crosswalks will depend on the final version of the GFRS TFM.

Introductions were made.

HANDOUTS:

  • Fiscal 2011, USSGL Proprietary Account Attributes Table, dated June 9, 2011

  • Fiscal 2012, USSGL Proprietary Account Attributes Table, dated June 9, 2011

  • USSGL Crosswalk – Balance Sheet for Fiscal 2011 Reporting, dated June 9, 2011

  • USSGL Crosswalk – Balance Sheet for Fiscal 2012 Reporting, dated June 9, 2011

  • USSGL Crosswalk – Statement of Net Cost for Fiscal 2012 Reporting, dated June 9, 2011

  • USSGL Crosswalk – Reclassified Balance Sheet for the Closing Package for Fiscal 2011 Reporting, dated June 9, 2011

  • USSGL Crosswalk – Reclassified Statement of Net Cost for the Closing Package for Fiscal 2011 Reporting, dated June 9, 2011

  • USSGL Crosswalk – Reclassified Statement of Changes in Net Position for the Closing Package for Fiscal 2011 Reporting, dated June 9, 2011

AGENDA ITEMS:

USSGL Proprietary Account Attribute Tables for Fiscal 2011 and 2012

Gwen Marshman (FMS) reviewed the handouts for the proprietary account attributes for fiscal 2011 and 2012. She shared that the USSGL Ballot #11-01 was approved and the tables and crosswalks reflect those changes. She noted that proposed USSGL account 1760, “General Property, Plant, and Equipment That Are Permanently Removed But Not Yet Disposed,” and changes to USSGL accounts 7180, “Unrealized Gains,” and 7280, “Unrealized Losses” were approved, but will only be included in the USSGL TFM to be released at the end of June if FASAB approves its technical release. Therefore, these USSGL account changes do not appear on the handouts today.

Concerning the FASAB technical release, an IRC representative questioned an instance where the agency would have a vehicle about to be disposed. They currently use USSGL account 1990, “Other Assets.” The technical release uses the term “excess asset.” Eileen Parlow (FASAB) said that this is an implementation guide to SFFAS 6, “Accounting for Property, Plant, and Equipment.” Eileen, Kathy, and Christine Chang (FMS) are meeting with AAPC representatives to discuss USSGL implementation. They will discuss the Balance Sheet presentation and other issues. Carol Gower (State) commented that the guidance should clearly state the objectives and take into consideration the cost effectiveness of implementing this reporting requirement.

When Gwen mentioned the change on page IV-4, revising Fed/NonFed attribute domain value “N” to “Y,” the IRC was concerned as to the validity of having domain value “F” included on USSGL account 1643, “Allowance for Subsidy – Preferred Stock Accounted for Under Provisions of the Federal Credit Reform Act.” Marilyn Evans (Main Treasury) recognized the oddity of this change, but assured the IRC that this is a legitimate presentation on the USSGL proprietary table as a result of the Troubled Asset Relief Program (TARP) decisions made last year. This attribute domain value will be reverted back to domain value “N” once the activity caused by TARP washes out (expected to be December 2012).

Bruce Henshel (Commerce) questioned the inclusion of USSGL account attributes other than FACTS I – “Entity/NonEntity,” “Covered/NotCovered,” “Program Indicator,” and “Budgetary Impact Indicator.” Gwen explained that the first two are attributes that have been provided on the table and statement crosswalks resulting from an IRC decision to include them, but she is aware that they are not requirements on the statements. She informed the IRC that the Governmentwide Treasury Account Symbol ATB System (GTAS) will not include these two attributes because they are not statement driven. In addition, the GTAS draft includes USSGL account attributes “Program Indicator” and “Budgetary Impact Indicator” for which the decision was made last year to include these attributes for agencies to prepare for GTAS. Bruce requested that the tables provide an explanation (footnote or column title) for USSGL account attributes other than FACTS I, specifically for the GTAS attributes. Carol Gower commented that she envisions a problem for agencies to be consistent in their current interpretation of “what’s a program.” Kathy agreed that there are GTAS issues that will need to be worked out.

USSGL Crosswalks for OMB Form and Content Financial Statements for Fiscal 2011 and 2012

USSGL Crosswalks for OMB Form and Content Financial Statements:

Balance Sheet for Fiscal 2011 and 2012 Reporting
Gwen reviewed the handouts for the USSGL crosswalks to the OMB Balance Sheets. Bruce noted that the crosswalk line 11 title, “Loans Receivable and Related Foreclosure Property, Net” is not the current line 11 title in the OMB Circular No. A-136. Gwen will correct the title to “Direct Loan and Loan Guarantees, Net.” She will also review the OMB Circular No. A-136 Balance Sheet to verify all line titles.

Statement of Net Cost for Fiscal 2012 Reporting
Karl Foltz (FMS) reviewed the handouts for the USSGL crosswalks to the OMB Statement of Net Cost. The changes on this crosswalk resulted from the creation of USSGL accounts 7171, “Gains on Changes in Long-Term Assumptions – From Experience”; 7172, “Losses on Changes in Long-Term Assumptions – From Experience”; 7271, “Gains on Changes in Long-Term Assumptions”; and 7272, “Losses on Changes in Long-Term Assumptions” that replace using USSGL accounts 7190, “Other Gains,” and 7290, “Other Losses” on line 4. In addition, related footnotes 4 and 5 were removed.

Statements of Net Cost for Fiscal 2011, Changes in Net Position for Fiscal 2011 and 2012, and Custodial Activity for Fiscal 2011 and 2012 Reporting
No changes

USSGL Crosswalks for Treasury Financial Manual, Volume I, Part 2, Chapter 4700, Agency Reporting Requirements for the Financial Report of the U.S. Government (Closing Package) for Fiscal 2011

USSGL Crosswalks for TFM Closing Package Statements:

Reclassified Balance Sheet for Fiscal 2011 Reporting
Gwen reviewed the handout for the USSGL crosswalk to the Reclassified Balance Sheet. She explained that the statement added two new lines in fiscal 2010, 2.10, “Derivative Assets,” and 6.9, “Derivative Liabilities.” Currently, they are supported by USSGL accounts that are broken out by footnotes 8, 9, 10, and 11 in anticipation of creating new USSGL accounts for this activity. When research was conducted to create the new USSGL derivative accounts, the GFRS office requested not creating new accounts for them to determine if derivatives are necessary to report in fiscal 2012. Their analysis depends on materiality and other factors. If they determine they need to keep these lines on the statement, the USSGL staff will create new accounts for fiscal 2013 reporting. If not, these lines will be removed from the statement.

Gwen mentioned including footnotes on each line of the crosswalk that refers to footnotes 10 and 11. These footnotes indicate the future use of the Fed/NonFed attribute domain value “G” for the General Fund. Kathy explained that FMS’ GTAS will create this new domain value to limit agency use of Trading Partner 9900, which represents the Treasury General Fund. When dealing with the Department of Treasury and not the Treasury General Fund, the correct agency Trading Partner code is 2000. She shared that FMS is under pressure to produce a clean opinion on the Governmentwide Financial Statement. Agencies must properly reconcile intragovernmental activity for that to occur, and reconciling properly with the Treasury General Fund will significantly improve the current elimination problems.

Reclassified Statement of Net Cost for Fiscal 2011 Reporting
Karl reviewed the handout for the USSGL crosswalk to the Reclassified Statement of Net Cost. Crosswalk line accounts 6.2, 6.3, 6.4, 6.6, 11.2, 11.3, 11.4, and 11.5 will display footnote number 5 instead of the handout display line only.

Reclassified Statement of Changes in Net Position for Fiscal 2011 Reporting
Edwin reviewed the handout for the USSGL crosswalk to the Reclassified Statement of Changes in Net Position. The changes on this crosswalk resulted from the creation of USSGL accounts 3105, “Unexpended Appropriations – Prior-Period Adjustments Due to Corrections of Error – Years Preceding the Prior-Year”; 5705, “Expended Appropriations – Prior-Period Adjustments Due to Corrections of Error – Years Preceding the Prior-Year”; and 7405, “Prior-Period Adjustments Due to Corrections of Error – Years Preceding the Prior-Year” that replace using USSGL accounts 3108, “Unexpended Appropriations – Prior-Period Adjustments Due to Corrections of Errors”; 5708, “Expended Appropriations – Prior-Period Adjustments Due to Corrections of Errors”; and 7400, “Prior-Period Adjustments Due to Corrections of Error” on lines 2.3 and 3.3. In addition, related footnotes 6 and 7 were removed. The other changes were related to the addition of USSGL accounts in fiscal 2011, a result of USSGL Ballot #10-01.

ROUND TABLE DISCUSSION:

Bruce shared that Commerce is looking at FASAB Technical Bulletin, “Recognition and Measurement of Asbestos-Related Cleanup Costs.” Kathy said that the USSGL reviewed it when it came out and didn’t see an impact on the USSGL. Bruce agreed that he did not see an impact on the USSGL as well. He said Commerce implementation will be difficult.

Kathy restated that the USSGL Board Ballot #11-01 was fully accepted.

Kathy shared that next week’s IRC meeting will provide the proposed changes to the Budgetary USSGL crosswalks, along with the USSGL crosswalk for the Statement of Budgetary Resources (SBR). She noted that the format will follow the OMB Circular No. A-136, guidance dated September 29, 2010. OMB has stated that there are no significant changes on their upcoming release of the OMB Circular No. A-136.

Although there is a pilot program for the Statement of Spending for fiscal 2012, the USSGL will not provide a crosswalk unless and until it is official OMB guidance.

ATTENDEES:

Kathy Winchester, FMS
Karen Metler, FMS
Christine Chang, FMS
Melinda Pope, FMS
Sherry Pontell, FMS
Edwin Walker, FMS
Gwen Marshman, FMS
Karl Foltz, FMS
Russell Blakley, FMS
Marilyn Evans, Treasury
Eileen Parlow, FASAB
Cynthia Wilbur, OPM
Micky Chopra, DoD
Mary Onofrio, NOAA
Boris Lyubovitsky, USDA
Yong Sun, HUD
Webster Coleman, DOL
Carol Berg, BPD
Jenny Smith, HHS
Drena McDaniel, DOT
       Teresa Lampkin, DOT
Joseph Henry, SBA
Bruce Henshel, DOC
Yu Chen Yeh, NASA
Stella Whitsell, DOE
Bethany Williams, DOE
Cindy Scharf, LOC
Yu fen Sunharah, NSF
Dan Smith, PTO
Michael Ward, GSA
Teresa Lampkin, DOT
David Thomas, VA
Hal Blitz, FMS
Janice Alexander, NSF
Jane Stephen, NRC
Barbara Ricks, SSA
Mark Graham, SSA
Ana Labador, SSA
Matthew Trusch, SSA
Letha Holliday, SSA

 


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