I ran adhoc reports (Oracle Reports or Discoverer), but my reports don tie out to the audited financial statements. Whats up?
There are a number of GASB 35 eliminations and reclasses that are necessary to complete the financial statements. The most notable are the necessary adjustments for the elimination of the capital acquisitions. Under the old fund accounting reporting, those expenditures were grossed up as expenses within the various functions (Instruction, Research, etc) with an offset as a revenue item in the plant fund. Under GASB 35, there are no capital expenses in the operating funds and no corresponding offsetting revenue in the Plant fund. Instead, these expenditures are reported similar to for-profit corporations. Capital expenditures are reported only on the balance sheet, not on both the balance sheet and the income statement.
