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INFORMATIONAL LETTER # 27

POLICY CODE:  DIE

 

 

TO:                  Superintendents of Schools

                        Directors of Applied Technology Regions

                        Municipal Officials of School Administrative Units

           

FROM:            J. Duke Albanese, Commissioner

 

DATE:             October 11, 2001

 

RE:                   Implementation of GASB No. 34 for School Administrative Units and Applied Technology Regions

 

This letter is to alert School Administrative Units and Applied Technology Regions and their auditors to the new annual financial reporting requirements of the Governmental Accounting Standards Board Statement No. 34 (GASB No. 34) for State and local governments.  The statement was developed to make annual reports easier to understand and more useful to the people who use governmental financial information to make decisions; legislators, their staff, and members of oversight bodies; investors, creditors, and others who provide resources to governments; and citizen groups and the public in general.

 

GASB No. 34 requires that implementation be accomplished within the effective dates and transition time lines listed below.  Interpretation and implementation of GASB No. 34 is the responsibility of each School Administrative Unit and Applied Technology Region in consultation with their auditor.  Any technical questions regarding interpretation of GASB No. 34 and implementing policies and procedures to facilitate the implementation process, should be directed to your auditor.  

 

Effective Date and Three-Phase Transition Provisions Required by GASB No. 34

 

The requirements of GASB No. 34 are effective in three phases based on

a government’s total annual revenues (based on the first fiscal year ending

after June 15, 1999) as follows:

 

·        Governments with total annual revenues of $100 million or more will apply GASB No. 34 beginning with fiscal years ending after June 15, 2002.

 

·        Governments with total annual revenues of $10 million or more, but less than $100 million, will apply GASB No. 34 beginning with fiscal years ending after June 15, 2003.

·        Governments with total annual revenues below $10 million will apply GASB No. 34 beginning with fiscal years ending after June 15, 2004.

 

In all cases, earlier implementation is encouraged.

 

More information regarding GASB No. 34 can be found on the Governmental Accounting Standards Board website at http://accounting.rutgers.edu/raw/gasb/ or contact Susan Griffin at (207) 624-6860 or susan.griffin@state.me.us

 

 

 

 

cc:            Auditors of School Administrative Unit

School Board Chairs