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Annual Financial Reporting Process
Index
The following presents the current financial reporting process under GASB 34/35.
- See general flowchart of the financial reporting process.
- Due Dates pertaining to the financial reporting process: Most due dates are already in the closing of the books instructions. Additional due dates not included in the closing of the books instructions can be seen on the Accounting and Reporting Calendar.
Major components of the financial reporting process are the following:
Coordination with Universities
Criteria and Policies
In accordance with governmental accounting standards, the following new and additional accounting and financial reporting procedures are required to be followed:
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.
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.
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