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Financial Accounting for Local and State School Systems: 2009 Edition
NCES 2009-325
June 2009

Appendix D—Illustrative Financial Statements for an Independent School District

These illustrative statements provide examples of the basic financial statements—and a budgetary comparison schedule as Required Supplementary Information (RSI)—for a hypothetical independent school district. They are illustrative only and should not be considered authoritative. The Managementís Discussion and Analysis (MD&A), notes to financial statements, and other required contents are not presented; thus, this set of statements does not meet the minimum requirements of Generally Accepted Accounting Principles (GAAP) for financial statements and Required Supplementary Information.

Exhibits D-1 and D-2 present alternative approaches for the level of detail displayed for governmental activities in the statement of activities. Exhibit D-1 presents only the functional categories used in the fund financial statements. Exhibit D-2 illustrates a higher level of program detail. Paragraph 40 in Governmental Accounting Standards Board (GASB) Statement 34 states: "Governments are encouraged to provide data in the statement of activities at a more detailed level if the additional detail provides more useful information without significantly reducing readers' ability to understand the statement."

Exhibits D-1 through D-12 are reprinted, with permission, from "Appendix 2: Illustrative Financial Statements, Illustration B: Independent School District" in Guide to Implementation of GASB Statement 34 on Basic Financial Statements—and Management's Discussion and Analysis—for State and Local Governments: Questions and Answers (GASB 2000). The exhibits are reprinted from the source document. Refer to the complete source document, available from the GASB, for the other exhibits. These exhibits use a generic 20X2 year as the current year rather than 20XX to allow identification of a generic 20X1 year signifying amounts for the prior generic year. Zero dollars, or no activity, are indicated with a "ó" in the tables.

Exhibit D-1 Sample Independent School District Statement of Net Assets: June 30, 20X2
Exhibit D-2 Sample Independent School District Statements of Activities for the Year Ended June 30, 20X2
Exhibit D-3 Sample Independent School District Statement of Activities for the Year Ended June 30, 20X2
Exhibit D-4 Sample Independent School District Balance Sheet—Governmental Funds: June 30, 20X2
Exhibit D-5 Sample Independent School District Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Assets
Exhibit D-6 Sample Independent School District Statement of Revenues, Expenditures, and Changes in Fund Balances—Governmental Funds: For the Year Ended June 30, 20X2
Exhibit D-7 Sample Independent School District Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances to the Statement of Activities
Exhibit D-8 Sample Independent School District Statement of Net Assets—Proprietary Funds: June 30, 20X2
Exhibit D-9 Sample Independent School District Statement of Revenues, Expenses, and Changes in Fund Net Assets—Proprietary Funds: For the Year Ended June 30, 20X2
Exhibit D-10 Sample Independent School District Statement of Cash Flows—Proprietary Funds: For the Year Ended June 30, 20X2
Exhibit D-11 Sample Independent School District Statements of Fiduciary Net Assets: June 30, 20X2
Exhibit D-12 Required Supplementary Information—Sample Independent School District Budgetary Comparison Schedule—General Fund: For the Year Ended June 30, 20X2

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