GASB No. 44 — CAFR Statistical Sections (Revisited)
School Advisor, 2006 Issue No. 1
We wish to remind you again that GASB No. 44 — CAFR Statistical Sections is effective for the June 30, 2006 fiscal year end. This statement only applies to districts that prepare Comprehensive Annual Financial Reports (CAFR), which usually only happens if you are applying for the ASBO Certificate of Excellence in Financial Reporting. The idea is to improve comparability in the statistical sections. GASB No. 44 identifies and gives guidance in the following five key areas:
- Financial trends
- Debt capacity
- Operations information
- Revenue capacity
- Demographic and economic information
It incorporates all the GASB No. 34 data and requires new disclosures regarding the sources of information, methodologies, assumptions, and the relationship of the data to other sections of the financial statements.
If your district prepares a CAFR, you will definitely need to read GASB No. 44 and start accumulating the new information. We intend to supply our clients with a spreadsheet file in the spring which will contain the required statistical information for clients to populate. It is not too soon to start preparing for the June 30, 2006 financial statement preparation.
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