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ACCOUNTING STANDARDS UPDATE <br />APPENDIX B <br />GASB No. 19 Governmental College and University Omnibus Statement <br />This Statement was issued in September, 1993 and requires governmental colleges and universities <br />that follow the AICPA College Guide model to report Pell grants in a restricted current fund. This <br />Statement also requires that if a single fund is used to account for risk financing activities, that fund <br />should be reported as an unrestricted current fund. <br />For Pell grants, this Statement is effective for financial statements for periods beginning after June <br />15, 1993. For risk financings activities, this Statements is effective for financial statements for <br />periods beginning after June 15, 1994. Early application is encouraged. <br />GASB No. 20 Accounting and Financial Reporting for Proprietary Funds and <br />Other Governmental Entities that Use Proprietary Fund Accounting <br />This statement was issued in September, 1993 and redefines generally accepted accounting <br />principles (GAAP) for proprietary funds. <br />The authoritative status of guidance issued on or before the cutoff date of November 30, 1989, is <br />different from the authoritative status of pronouncements issued subsequently. <br />For guidance issued on or before the cutoff date, pronouncements of the FASB and its predecessor <br />bodies will continue to be applicable to proprietary funds unless they conflict with or contradict <br />GASB guidance. <br />For guidance issued after the cutoff date, proprietary funds make use either of the following <br />approaches to FASB guidance issued after November 30, 1989: <br />1. An entity may elect to continue to follow FASB guidance that does not conflict with or <br />contradict GASB guidance. If this election is made, it must be followed consistently. It <br />would not be appropriate to follow some FASB pronouncements, issued subsequent to the <br />cutoff date, but not others. <br />2. An entity may elect not to subject itself to FASB guidance issued subsequent to the cutoff <br />date. In that case, even FASB amendments of guidance issued prior to the cutoff date <br />would not be applicable to proprietary operations. <br />The provisions of this Statement are effective for financial statements for periods beginning after <br />December 15, 1993. <br />PREPARED BY TAUTGES, REDPATH & CO., LTD. PAGE 2 OF 5 <br />