Skip Navigation
Financial Accounting for Local and State School Systems, 2003 Edition

Account Classification Description
Quick Code Finder by Number/Category
Code Descriptions in Alphabetical Order

Table of Contents
Uses of Information
Governmental  Accounting
Financial Accounting
Cost Accounting and Reporting for Educational Programs
Activity Fund Guidelines
Summary of Account Code Changes and other Appendices
PDF File (1044 KB)

Frank Johnson
(202) 502-7362

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) for a hypothetical independent school district. They are illustrative only and should not be considered authoritative. Management's discussion and analysis, notes to financial statements, and other required contents are not presented; thus, this set of statements does not meet the minimum requirements for GAAP financial statements and required supplementary information.

Exhibits 1 and 2 present alternative approaches for the level of detail displayed for governmental activities in the statement of activities. Exhibit 1 presents only the functional categories used in the fund financial statements. Exhibit 2 illustrates a higher level of program detail. Paragraph 40 in 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 1 through 12 are printed with permission from the following source, "Appendix 2: Illustrative Financial Statements, Illustration B: Independent School District from Guide to Implementation of GASB Statement 34 on Basic Financial Statements-and Management's Discussion and Analysis-for State and Local Governments, copyright by Governmental Accounting Standards Board, 401 Merritt 7, P.O. Box 5116, Norwalk, Connecticut 06856-5116, U.S.A., is reprinted with permission. Complete copies of this document are available from the GASB."

Exhibit Number
Basic Financial Statements
Exhibit 1 Statement of Net Assets
Exhibit 2 Statement of Activities (same level of detail as presented in the fund financial statements)
Exhibit 3 Statement of Activities (expanded level of detail)
Exhibit 4 Balance Sheet-Governmental Funds
Exhibit 5 Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Assets
Exhibit 6 Statement of Revenues, Expenditures, and Changes in Fund Balances—Governmental Funds
Exhibit 7 Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances to the Statement of Activities
Exhibit 8 Statement of Net Assets—Proprietary Funds
Exhibit 9 Statement of Revenues, Expenses, and Changes in Fund Net Assets—Proprietary Funds
Exhibit 10 Statement of Cash Flows—Proprietary Funds
Exhibit 11 Statements of Fiduciary Net Assets and Changes in Fiduciary Net Assets
Required Supplementary Information
Exhibit 12 Budgetary Comparison Schedule—General Fund

Back to Top