Financial Accounting and Reporting System
Your school district must implement and use a standardized financial accounting and reporting system, as described in this module. The system must present fairly and with full disclosure the district’s funds, financial activities, and results of financi...
1.1.2.3 Records Retention ......................................................................................................................................
13
1.1.5 District Fiscal Year .................................................................................................................................... 14
1.1.5.1 Changing to a June 30 Fiscal Year ...............................................................................................................
15
Texas Education Agency
2020 Financial Accountability System Resource Guide 2
, Module 1 | Financial Accounting and Reporting
1.1.5.2 Changing Back to an August 31 Fiscal Year End ..........................................................................................
16
1.1.6 District Depository Contract ......................................................................................................................
17
1.1.7 Investment of Public Funds ....................................................................................................................... 17
1.1.8 Requirements Related to Ethical Considerations ....................................................................................... 18
1.2.2.2 Other Receivables .......................................................................................................................................
28
1.2.3.1 Monitoring and Valuing Inventory ..............................................................................................................
29
1.2.4 Capital Assets ........................................................................................................................................... 30
1.2.4.1 Control of Capital Assets .............................................................................................................................
32
1.2.4.2 Inventories of Capital Assets .......................................................................................................................
32
1.2.4.3 Capitalization of Capital Assets ...................................................................................................................
33
Texas Education Agency
2020 Financial Accountability System Resource Guide 3
, | Financial Accounting and Reporting
1.2.4.4 Impairment of Capital Assets ......................................................................................................................
33
1.2.5.1 Current Liabilities ........................................................................................................................................
37
1.2.6.3 Other Debt Disclosure Requirements .........................................................................................................
48
1.2.7 Risk Financing and Related Insurance Issues ............................................................................................. 50
1.2.8 Deferred Outflows of Resources and Deferred Inflows of Resources and Outflows and Inflows of Resources
......................................................................................................................................................................... 50
1.2.8.1 Deferred Outflows of Resources .................................................................................................................
51
1.2.8.2 Deferred Inflows of Resources ....................................................................................................................
52
1.2.8.3 Presentation of Deferred Outflows of Resources and Deferred Inflows of Resources on the Financial
Statements ..............................................................................................................................................................
53
1.2.8.4 Outflows of Resources and Inflows of Resources .......................................................................................
54
Texas Education Agency
2020 Financial Accountability System Resource Guide 4
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