Annual Financial Reporting Process

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Index

The following presents the current financial reporting process under GASB 34/35.

See general flowchart of the financial reporting process.

See general due dates pertaining to the financial reporting process.

See general flowchart for reconciling the financial statements back to the universities' Banner FIS accounting records.

Major components of the financial reporting process are the following:

Coordination with Universities

• Contacts Lists

Criteria and Policies

In accordance with governmental accounting standards, the following new and additional accounting and financial reporting procedures are required to be followed:

• Recording Real Property Records in Banner Fixed Assets

Closing of the Accounting Records

The annual "closing of the books" process of the Banner FIS accounting records involves numerous steps and processes.  Please refer to the following references to help accomplish the key financial reporting objective of the closing of the books process:

Key Financial Reporting Objective:

To ensure that "Period 14" close includes all accruals, 
in order to minimize the number of adjustments requested by the external auditors 
that would result in a change to the net ending fund balances.

• Closing of the Books Instructions

Generating Annual Financial Statements

The captions and formatting of the Annual Financial Statements under GASB 34/35 differ from the coding structure of the Banner FIS accounting records.  As a result, we will use Hyperion software to both "map" and consolidate each university's period 14 ending balances into the GASB 34/35 format.

Notes to the Financial Statements

The annual financial statements require notes to the financial statements.  Data for many of the required notes is already available within the Controller's Division; however, some notes will require data from universities.  

Internal and External Audit Coordination

The external audit of the financial statements includes fieldwork at the universities for reviewing internal controls, IT systems, the Banner FIS accounting records, and compliance with OMB Circular A-133.  The general expectation is that each University's Business Officer will be notified of all fieldwork scheduling and the results of fieldwork, such as findings and financial statement corrections specific to their university. The following references provide information of the external audit fieldwork:

• Contacts Lists, Entrance Conference and Current Fieldwork Schedules

Requirements of State Accounting Reporting Section (SARS)

For financial reporting purposes, OUS is a component unit of the State of Oregon.  As a result, information from the audited OUS financial statements will appear in the State of Oregon Comprehensive Annual Financial Report (CAFR).

The Controller's Division is coordinating the SARS requirements in OUS's financial reporting process.  OUS is required to submit its annual audited financial statements to SARS on November 1.

Last Updated: 05/29/07