U.S. Government Standard General Ledger Board
|Proposed USSGL Accounts||Title|
|1340||Interest Receivable – Not Otherwise Classified|
|1341||Interest Receivable – Loans|
|1342||Interest Receivable – Investments|
|1343||Interest Receivable – Taxes|
|1345||Allowance for Loss on Interest Receivable – Loans|
|1346||Allowance for Loss on Interest Receivable – Investments|
|1347||Allowance for Loss on Interest Receivable – Not Otherwise Classified|
|1348||Allowance for Loss on Interest Receivable – Taxes|
|1360||Penalties and Fines Receivable – Not Otherwise Classified|
|1361||Penalties and Fines Receivable – Loans|
|1363||Penalties and Fines Receivable – Taxes|
|1365||Allowance for Loss on Penalties and Fines Receivable - Loans|
|1367||Allowance for Loss on Penalties and Fines Receivable – Not Otherwise Classified|
|1368||Allowance for Loss on Penalties and Fines Receivable – Taxes|
|1370||Administrative Fees Receivable – Not Otherwise Classified|
|1371||Administrative Fees Receivable – Loans|
|1373||Administrative Fees Receivable – Taxes|
|1375||Allowance for Loss on Administrative Fees Receivable – Loans|
|1377||Allowance for Loss on Administrative Fees Receivable – Not Otherwise Classified|
|1378||Allowance for Loss on Administrative Fees Receivable – Taxes|
|5320||Penalties and Fines Revenue|
|5324||Contra Revenue for Penalties and Fines|
|5325||Administrative Fees Revenue|
|5329||Contra Revenue for Administrative Fees|
In addition to discussing the purpose, Christine discussed the impact that the accounts will have on the crosswalks. Christine explained that certain USSGL accounts currently crosswalk to multiple lines within the same crosswalk, even though they are not distinguishable by attribute. To distinguish on which line each account belongs, users need to read the comments in the "Additional Information" column. GTAS will not capture the "Additional Information" column. The new USSGL accounts are being proposed to eliminate the need for the "Additional Information" column.
Bruce Henshel (DOC) commented on the distinction between exchange and nonexchange. He suggested that those attributes do not apply to the Balance Sheet. In addition, Bruce asked the Board if administrative fees were always exchange. Christine Chang indicated that, based on the FASAB guidance, provided by Eileen Parlow (FASAB), all administrative fees are considered exchange.
Christine defined capital transfers and presented the new accounts for fiscal 2010, which include:
|5756||Nonexpenditure Financing Sources – Transfers-In – Capital Transfers|
|5766||Nonexpenditure Financing Sources – Transfers-Out – Capital Transfers|
|5792||Financing Sources To Be Transferred-Out – Contingent Liability|
Agencies should not use USSGL accounts 5755 and 5765 for capital transfers because both of these accounts have budgetary impact. With capital transfers, only the transferring-out fund will have a budgetary impact. The fund transferring-in a General Fund Receipt Account only has a proprietary impact. Furthermore, a contingent liability should not be associated with a cost; however, it should be associated with the future nonexpenditure capital transfer to the General Fund.
Bruce noted that DOC does not record the proprietary entries until the actual transfer is made. DOC records an anticipated budgetary transfer and no proprietary transfer until the actual transfer occurs. He asked if the USSGL was setting a precedent that agencies record the proprietary side based on anticipation.
Kathy indicated that the situation Bruce explained seemed to be a regular budget authority transfer. Capital transfers are generally quite different, and the liability can span over many years. If agencies want to discuss using proprietary anticipation entries with all nonexpenditure transfers, then this issue should be brought up at a future IRC meeting.
Christine concluded her presentation and requested agency support/input for revising the Statement of Custodial Activity in the upcoming year.
Prior-Year vs. Prior-Period Adjustments
Sherry Pontell (FMS) delivered an overview for corrections of errors that occur in previous periods. Prior-Period Adjustments (PPAs), according to the Statement of Federal Financial Accounting Standards (SFFAS) No. 21, Reporting Corrections of Errors and Changes in Accounting Principles, require that reporting entities restate prior-period financial statements for material errors discovered in the current period, if such statements are provided for comparative purposes, and if the effect would be material to the financial statements of either period.
Guidance for Prior-Year Adjustments (PYAs) was updated in the Office of Management and Budget (OMB) Circular No. A-11 in fiscal 2008 to provide budgetary reporting guidance for corrections of errors. In addition, FMS issued TFM Volume I, Bulletin No. 2008-05, to address processing backdated documents to a prior fiscal year.
Sherry also discussed the PYA attribute definition for FACTS II reporting. Agencies should use this attribute when changes to obligated or unobligated balances occurred in the previous fiscal year but were not recorded in the appropriate Treasury Appropriation Fund Symbol (TAFS) as of October 1 of the current fiscal year, or during the FACTS II revision window.
In addition, Sherry explained why the PPA/PYA scenario is relevant to agencies. Agencies will no longer be able to change beginning balances because of Edit 13, and the scenario highlights the differences between the budgetary and proprietary accounting rules for PYAs and PPAs.
In conclusion, Sherry stated that it is important for all agencies to remember that the Statement of Budgetary Resources (SBR) and the SF 133 can be different. The SBR follows proprietary accounting rules, and the SF 133 follows budgetary accounting rules.
Exchange Stabilization Fund Accounting
Edwin Walker (FMS) discussed the proposed account developed for the Exchange Stabilization Fund (ESF). USSGL account 4295, "Revaluation of Foreign Currency in the Exchange Stabilization Fund," is the amount of unrealized gains and losses in the ESF. Although the normal balance in this account is a debit, it is acceptable in certain instances for this account to have a credit balance (when a foreign currency loss is recognized).
The ESF Treasury Account Symbol (TAS), 20X4444, is a unique, stand-alone component unlike any other Federal entity. It is unique in that periodic increases/decreases are actually unrealized gains/losses that are unavailable for obligation. The ESF also is unfunded. For reporting purposes, the USSGL staff developed a scenario to accommodate OMB's request that the ESF activity not to be included in the Net Budget Authority and Outlays.
In addition, Edwin discussed the impact that USSGL account 4295 has on all crosswalks. It is important to note that this account should not be used Governmentwide, and that it is specific to ESF's revaluation of foreign currency transactions.
Rita Cronley (FMS) delivered an overview on the current status of GTAS. Rita mentioned that GTAS is in development, and that Rapid Application Development (RAD) 1 is nearly complete. There are six RAD sessions that must be completed before GTAS will be available to the agencies. The GTAS TFM Bulletin is in the review and approval phase, and it is anticipated that FMS will release the bulletin this summer. FMS has held several GTAS Agency Outreach Forums, and the presentation is available on the GTAS Web site at http:///www.fms.treas.gov/gtas.
Rita also discussed how agencies can prepare for GTAS. Agencies should:
The points of contact for GTAS include:
In addition, the FMS Web site at http://www.fms.treas.gov/gtas provides GTAS information.
In conclusion, Rita mentioned that FMS needs trial-balance test files now. The test files must contain both budgetary and proprietary trial balances and attributes in a format FMS can use. In addition, FMS needs agencies to list all canceled TAS that have assets being depreciated. Rita will address all questions and/or concerns.
Karen Metler (FMS) gave an overview of the modifications for Nonexpenditure Transfer USSGL accounts 4128, "Amounts Appropriated From Specific Invested TAFS – Transfers-In"; and 4129, "Amounts Appropriated from Specific Invested TAFS – Transfers-Out." The exceptions added to the definitions include: "In the absence of investment authority, transfers-in/out of special fund user fees to an NRC or IRS general fund expenditure account."
Karen also discussed the modifications for expenditure transfer USSGL accounts 4215, "Anticipated Appropriation Trust Fund Expenditure Transfers"; 4225, "Appropriation Trust Fund Expenditure Transfers - Receivable"; and 4255, "Appropriation Trust Fund Expenditure Transfers - Collected." The exceptions added to the definitions include: "Expenditure transfers from trust fund to trust fund, or general fund to trust fund, in which either is only used in exceptional cases."
Special and Trust Fund Refunds/Recoveries and Invested Expenditure Account (Temporary Reduction vs. Cancellation)
Karen presented new USSGL account 4396, "Special and Trust Fund Refunds and Recoveries Temporarily Unavailable - Receipts Unavailable for Obligation Upon Collection." This account is the amount of authority in a special or trust TAFS that is temporarily unavailable and is to be reclassified as "Receipts Unavailable for Obligation Upon Collection" at yearend. The account's purpose is to distinguish between trust and special fund refunds/recoveries recorded in a trust or special fund TAFS that are to be reclassified at yearend to USSGL account 4397, "Receipts and Appropriations Temporarily Precluded from Obligation."
The modification of USSGL account 4399, "Special and Trust Fund Refunds and Recoveries Temporarily Unavailable - Receipts and Appropriations Temporarily Precluded From Obligation" was a result of proposed USSGL account 4396. Previously, USSGL account 4399 closed into one of two accounts: USSGL account 4394, "Receipts Unavailable for Obligation Upon Collection"; or 4397, "Receipts and Appropriations Temporarily Precluded From Obligation." This was not logical from a transactional or systems perspective; therefore, the original USSGL account 4399 activity has been split into two separate accounts. Modified USSGL account 4399 will be for activity that will be reclassified at yearend into USSGL account 4397 only.
Similarly, Karen discussed the accounts appropriated from specific invested TAFS reclassified - receivable. The proposed USSGL account 4121, "Amounts Appropriated From Specific Invested TAFS Reclassified - Receivable - Cancellation" is the amount of authority reclassified from USSGL account 4126, "Amounts Appropriated From Specific Invested TAFS - Receivable," because of a cancellation. Since this is a reclassification of a receivable, there is no impact on fund balance.
In addition, modifications were made to USSGL account 4123, "Amounts Appropriated From Specific Invested TAFS Reclassified - Receivable - Temporary Reduction," because of proposed USSGL account 4121. Previously, USSGL account 4123 captured two types of activities, cancellations and temporary reductions. Also, USSGL account 4123 would have closed into one of three accounts: USSGL account 4357, "Cancellation of Appropriated Amounts Receivable from Invested Trust or Special Funds"; 4382, "Temporary Reduction - New Budget Authority"; or 4383, "Temporary Reduction - Prior Year Balances." That activity resulted in a multistep close, which was not logical or intuitive and, therefore, caused the USSGL staff to split the activity into two separate accounts.
USSGL Ballot #09-01 Review
Gwen Marshman (FMS) reviewed the ballot in its entirety. There were several changes made to account definitions, justifications, etc. Gwen informed the group that the updated ballot would be made available on the USSGL Web site by Monday, May 18, 2009.
Kathy thanked everyone in attendance and addressed all roundtable topics. Kathy encouraged all agency representatives to remain patient at this time with respect to issues submitted through the USSGL Web site. The USSGL staff is working diligently to resolve all issues; however, several staff members have been pulled into priority Treasury Project(s) (for example the General Fund and the Troubled Asset Relief Program). The USSGL staff members greatly appreciate the work of each agency over the past year and look forward to having an even more productive year in the future.