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CORRECTIONS OF ERRORS THAT OCCURRED IN PREVIOUS PERIODS
PRIOR-PERIOD ADJUSTMENTS (FINANCIAL REPORTING) AND PRIOR-YEAR ADJUSTMENTS (BUDGETARY REPORTING)
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This scenario uses information from the August 2008 U.S. Government Standard General Ledger, which is a Supplement to the Treasury Financial Manual (TFM)
See Transmittal Letter No. S2 08-03, Part 1, Section IV Budget Program and Financing (P&F) and Part II, Sections I through IV.
Background
Occasionally, financial statements and other Treasury central accounting documents require adjustments to correct errors that occurred in previous
periods. The Federal Accounting Standards Advisory Board (FASAB) and the Office of Management and Budget (OMB) provide guidance to
account for these events.
Prior-Period Adjustments (PPAs)
In the Statement of Federal Financial Accounting Standards (SFFAS) No. 21, Reporting Corrections of Errors and Changes in Accounting
Principles, Amendment of SFFAS No. 7, Accounting for Revenue and Other Financing Sources , FASAB amended the standard to “require that
reporting entities restate prior-period financial statements for material errors discovered in the current period, if such statements are provided for
comparative purposes, and if the effect would be material to the financial statements of either period.”
1
Statement Presentation Table (for material errors only)
If Comparative Financial Statements Are
Being Presented (that is, XX09 and XX08):
If Only Current Period Statements Are
Being Presented (that is, XX09):
If the error occurred during the earliest
affected period presented in the financial
statements (that is, XX08):
Then, the adjustment is made to the earliest
affected period presented by correcting any
individual amounts on the financial statements.
(This scenario reflects this example.).
Then, the adjustment is made to the beginning
balance of cumulative results of operations on
line 2b (Corrections of Errors) of the SCNP.
If the error occurred before the earliest
period presented in the financial
statements (that is, XX07):
Then, the adjustment is made to the beginning
balance of cumulative results of operations on
line 2b (Corrections of Errors) of the SCNP for
the earliest period presented.
Then, the adjustment is made to the beginning
balance of cumulative results of operations on
line 2b (Corrections of Errors) of the SCNP.
Note : The Statement of Changes in Net Position (SCNP) current-year unadjusted beginning balance must agree with the restated ending balance
shown on the prior-year SCNP.
(^1) SFFAS No. 21, Reporting Corrections of Errors and Changes in Accounting Principles , paragraph no. 5
CORRECTIONS OF ERRORS THAT OCCURRED IN PREVIOUS PERIODS
PRIOR-PERIOD ADJUSTMENTS (FINANCIAL REPORTING) AND PRIOR-YEAR ADJUSTMENTS (BUDGETARY REPORTING)
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Prior-Year Adjustments (PYAs) OMB concluded that the existing practice of correcting errors for previous periods by recording prior fiscal year
activity during a current fiscal year without specific identifying attributes distorted budgetary reporting. While the resulting misstatements of
information were not always material in the context of financial statement reporting, they were significant in the context of budget reporting and
execution. OMB Circular No.A-11 was updated in fiscal 2008 to provide budgetary reporting guidance for corrections of errors. The Bureau of
Fiscal Service(Fiscal Service) issued TFM Volume I Bulletin No. 2008-05 to address processing backdated documents to a prior fiscal year. In
addition, Fiscal Service updated the U.S. Government Standard General Ledger (USSGL), TFM Supplement No. 2, in December 2007 to provide
specific information on the new PYA attribute required in the Federal Agencies' Centralized Trial-Balance System (FACTS) II and the crosswalks to
the SF 133: Report on Budget Execution and Budgetary Resources.
PYA Attribute Definition for FACTS II Reporting
Use when changes to obligated or unobligated balances occurred in the previous fiscal year but were not recorded in the appropriate Treasury
Appropriation Fund Symbol (TAFS) as of October 1 of the current fiscal year or during the FACTS II revision window. Exclude upward and
downward adjustments to current-year/prior-year obligations and most reclassifications from clearing accounts.
Domain Definitions
“B” – Adjustments to prior-year reporting backdated in Treasury’s Central Accounting system
Use when a PYA does affect the Fund Balance With Treasury (FBWT) and is backdated in Treasury’s Central Accounting system after the
FACTS II revision window has closed for the period being adjusted.
“P” – Adjustments to prior-year reporting not backdated in Treasury’s Central Accounting system
Use when a PYA does not affect FBWT and is not backdated in Treasury’s Central Accounting system after the FACTS II revision window
has closed for the period being adjusted.
“X” – Not an adjustment to prior-year reporting
Use when a PYA does not meet the requirements of domains “B” or “P” and for current-period activity.
Note : The flowchart on the following page can assist with determining:
1) Whether or not to restate prior-year financial statements;
2) Whether to use USSGL account 7400, “Prior-Period Adjustments Due to Corrections of Errors,” or a different account;
3) Which PYA attribute to use: and
4) Which financial statement the collective information impacts.
CORRECTIONS OF ERRORS THAT OCCURRED IN PREVIOUS PERIODS
PRIOR-PERIOD ADJUSTMENTS (FINANCIAL REPORTING) AND PRIOR-YEAR ADJUSTMENTS (BUDGETARY REPORTING)
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This document provides guidance for correcting both financial and budgetary reporting errors. The following scenario assumes the activity occurs in
a no-year Treasury Account Symbol (TAS). As presented graphically in the previous flowchart, there are six different possible reporting outcomes
when correcting errors. The transactions, listed in the detailed chart below, correspond with the transaction numbers in the illustrative transaction
section and represent each of the six possible outcomes.
AFFECTS
PROPRIETARY
AFFECTS
BUDGETARY
Illustrative Transaction No. USSGL Account
Transaction Amount
Is it Proprietarily Material?^2 Result
Is FBWT- USSGL Account 1010 Affected?
**Is it
$500,000? Results**
- 4901 Delivered Orders- Obligations Unpaid $2,000,000 YES
Restate (Use Proprietary Account 7400)
NO Does Not Apply
Not Backdated – Use Attribute “P”
- 4902 Delivered Orders – Obligations Paid $7,000,000 YES
Restate (Use Proprietary Account 7400)
YES YES
Backdated – Use Attribute “B”
- 4902 Delivered Orders – Obligations Paid $450,000 YES
Restate (Use Proprietary Account 7400)
YES NO
Not Backdated – Use Attribute “X”
- 4901 Delivered Orders – Obligations Unpaid $100,000 NO
Do Not Restate (Proprietary Account 7400 Not Used – Run Through Current Year)
NO Does Not Apply
Not Backdated – Use Attribute “P”
- 4902 Delivered Orders – Obligations Paid $500,000 NO
Do Not Restate (Proprietary Account 7400 Not Used – Run Through Current Year)
YES YES
Backdated – Use Attribute “B”
- 4902 Delivered Orders – Obligations Paid $50,000 NO
Do Not Restate (Proprietary Account 7400 Not Used – Run Through Current Year)
YES NO
Not Backdated
Use Attribute “X”
(^2) Each agency should determine its materiality threshold. This scenario assumes that all “YES” answers in this column indicate the amount is material.
PRIOR-PERIOD (PROPRIETARY) ADJUSTMENTS AND PRIOR-YEAR (BUDGETARY) ADJUSTMENTS
Page 5 of 32
Listing of USSGL Accounts Used In This Scenario
Account
Number Account Name
Budgetary
Other Appropriations Realized
Total Actual Resources – Collected
4450 Unapportioned Authority
Apportionments
Allotments – Realized Resources
4901 Delivered Orders – Obligations, Unpaid
4902 Delivered Orders – Obligations, Paid
Proprietary
1010 Fund Balance With Treasury
2110 Accounts Payable
3100 Unexpended Appropriations – Cumulative
3101 Unexpended Appropriations – Appropriations Received
3107 Unexpended Appropriations – Used
3108 Unexpended Appropriations – Prior-Period Adjustments Due to Corrections of
Errors
3310 Cumulative Results of Operations
5700 Expended Appropriations
5708 Expended Appropriations – Prior-Period Adjustments Due to Corrections of
Errors
6100 Operating Expenses/Program Costs
7400 Prior-Period Adjustments Due to Corrections of Errors
PRIOR-PERIOD (PROPRIETARY) ADJUSTMENTS AND PRIOR-YEAR (BUDGETARY) ADJUSTMENTS
Page 7 of 32
Prior-Year Trial Balances
System Pre-Closing Trial Balance– Fiscal 2008
USSGL Account Debit
(in thousands)
Credit
(in thousands) Budgetary 4119 X Other Appropriations Realized 12, 4450 X Unapportioned Authority 11, 4901 X Delivered Orders – Obligations, Unpaid 1, Total 12,000 12,
Proprietary 1010 Fund Balance With Treasury 12, 2110 Accounts Payable 1, 3101 Unexpended Appropriations – Appropriations Received 12, 3107 Unexpended Appropriations – Used 1, 3310 Cumulative Results of Operations 0 5700 Expended Appropriations 1, 6100 Operating Expenses/Program Costs 1, Total 14 ,000 14 ,
System Post-Closing Trial Balance – Fiscal 2008 / Beginning Balance – Fiscal 2009
USSGL Account Debit
(in thousands)
Credit
(in thousands) Budgetary 4201 Total Actual Resources – Collected 12 , 4450 X Unapportioned Authority 11, 4901 X Delivered Orders – Obligations, Unpaid 1, Total 12,000 12,
Proprietary 1010 Fund Balance With Treasury 12, 2110 Accounts Payable 1, 3100 Unexpended Appropriations – Cumulative 11, 3310 Cumulative Results of Operations 0 Total 12,000 12,
PRIOR-PERIOD (PROPRIETARY) ADJUSTMENTS AND PRIOR-YEAR (BUDGETARY) ADJUSTMENTS
Page 8 of 32
Illustrative Transactions
Financial Event Accounting Transaction Debit
(in thousands)
Credit
(in thousands)
Trans
Code
A. Annual apportionment and allotment: OMB apportions and the agency head allots $10,100,000 of the $11,000,000 prior-year unobligated balance. Generally, the initial apportionment will not include an amount to cover corrections of errors. The following entries in this scenario show that unapportioned authority is reclassified from the PYA attribute domain value “X” to the “P” or “B” domain value when a PYA transaction is processed.
SYSTEM ONLY ENTRIES
Budgetary 4450 X Unapportioned Authority 4510 Apportionments 4510 Apportionments 4610 Allotments – Realized Resources
A
A
- During fiscal 2009, an error that occurred in fiscal 2008 was discovered. The error understated expenses by $2,000,000. A bill for a delivered unpaid order had not been recorded. No prior related obligation had been previously recorded. The error is material and requires restatement of the proprietary financial statements. A budgetary entry also is required to reflect a beginning balance adjustment. The PYA attribute domain value “P” is used because FBWT is not affected. A matching backdated Treasury central accounting document is not prepared after the FACTS II revision period has closed for the period being corrected.
SYSTEM ONLY ENTRIES
Budgetary 4450 P Unapportioned Authority 4450 X Unapportioned Authority 4610 Allotments – Realized Resources 4901 P Delivered Orders – Obligations, Unpaid
Proprietary (prior-year activity) 7400 Prior-Period Adjustments Due to Corrections of Errors 2110 Accounts Payable 3108 Unexpended Appropriations – Prior-Period Adjustments Due to Corrections of Errors 5708 Expended Appropriations – Prior-Period Adjustments Due to Corrections of Errors
WORK PAPER ONLY ENTRIES
Proprietary 6100 Operating Expenses/Program Costs 7400 Prior-Period Adjustments Due to Corrections of Errors 5708 Expended Appropriations – Prior-Period Adjustments Due to Corrections of Errors 5700 Expended Appropriations 3107 Unexpended Appropriations - Used 3108 Unexpended Appropriations – Prior-Period Adjustments Due to Corrections of Errors
Footnote^3
B402 without previously recording 4801
D
D
(^3) Transaction Codes (TCS) between the same USSGL accounts and differentiated by attributes only are not displayed in the USSGL TFM Section III.
PRIOR-PERIOD (PROPRIETARY) ADJUSTMENTS AND PRIOR-YEAR (BUDGETARY) ADJUSTMENTS
Page 10 of 32
Financial Event Accounting Transaction Debit (in thousands)
Credit (in thousands)
Trans Code
- During fiscal 2009, an error that occurred in fiscal 2008 was discovered. It understated expenses and overstated cash by $450,000. A bill and payment for a delivered paid order had not been recorded. This error is material and requires restatement of the proprietary financial statements. The PYA attribute domain value “X” is used because FBWT is < $500,000. A backdated Treasury central accounting document is not prepared after the FACTS II revision period has closed for the period being corrected.
SYSTEM ONLY ENTRIES
Budgetary 4610 Allotments - Realized Resources 4902 X Delivered Orders – Obligations, Paid
Proprietary (prior-year activity) 7400 Prior-Period Adjustments Due to Corrections of Errors 1010 X Fund Balance With Treasury 3108 Unexpended Appropriations - Prior-Period Adjustments Due to Corrections of Errors 5708 Expended Appropriations - Prior-Period Adjustments Due to Corrections of Errors
WORK PAPER ONLY ENTRIES
Proprietary 6100 Operating Expenses/Program Costs 7400 Prior-Period Adjustments Due to Corrections of Errors 5708 Expended Appropriations – Prior-Period Adjustments Due to Corrections of Errors 5700 Expended Appropriations 3107 Unexpended Appropriations - Used 3108 Unexpended Appropriations – Prior-Period Adjustments Due to Corrections of Errors
B
substitute D306 for proprietary
D
D
- During fiscal 2009, an error that occurred in fiscal 2008 was discovered. It understated expenses by $100,000. A bill for a delivered unpaid order had not been recorded. No prior related obligation had been previously recorded. This error is immaterial and does not require restatement of the proprietary financial statements. A budgetary entry is required to reflect a beginning balance adjustment. The PYA attribute domain value “P” is used because FBWT is not affected. A backdated Treasury central accounting document is not prepared after the FACTS II revision period has closed for the period being corrected.
Budgetary 4450 P Unapportioned Authority 4450 X Unapportioned Authority
4610 Allotments – Realized Resources 4901 P Delivered Orders – Obligations, Unpaid
Proprietary (current-year activity) 6100 Operating Expenses/Program Costs 2110 Accounts Payable 3107 Unexpended Appropriations – Used 5700 Expended Appropriations
Footnote 5
B402 without previously recording 4801
B
(^5) TCs between the same USSGL accounts and differentiated by only attributes are not displayed in the USSGL TFM Section III.
PRIOR-PERIOD (PROPRIETARY) ADJUSTMENTS AND PRIOR-YEAR (BUDGETARY) ADJUSTMENTS
Page 11 of 32
Financial Event Accounting Transaction Debit (in thousands)
Credit (in thousands)
Trans Code
- During fiscal 2009, an error that occurred in fiscal 2008 was discovered. It understated expenses and overstated cash by $500,000. A bill and payment for a delivered paid order had not been recorded. No prior related obligation had been previously recorded. This error is immaterial and does not require restatement of the proprietary financial statements. A budgetary entry is required to reflect a beginning balance adjustment. The PYA attribute domain value “B” is used because FBWT is > $500,000. A backdated Treasury central accounting document is prepared after the FACTS II revision period has closed for the period being corrected.
Budgetary 4450 B Unapportioned Authority 4450 X Unapportioned Authority
4610 Allotments – Realized Resources 4902 B Delivered Orders – Obligations, Paid
Proprietary (current-year activity) 6100 Operating Expenses/Program Costs 1010 B Fund Balance With Treasury 3107 Unexpended Appropriations – Used 5700 Expended Appropriations
Footnote 6
B
B
- During fiscal 2009, an error that occurred in fiscal 2008 was discovered. It understated expenses and overstated cash by $50,000. A bill for a delivered paid order had not been recorded. No prior related obligation had been previously recorded. This error is immaterial and does not require restatement of the proprietary financial statements. The PYA attribute domain value “X” is used even though FBWT is affected; the amount is under $500,000. A backdated Treasury central accounting document is not prepared after the FACTS II revision period has closed for the period being corrected.
Budgetary 4610 Allotments - Realized Resources 4902 X Delivered Orders –Obligations, Paid
Proprietary (current-year activity) 6100 Operating Expenses/Program Costs 1010 X Fund Balance With Treasury 3107 Unexpended Appropriations – Used 5700 Expended Appropriations
B
B
(^6) TCs between the same USSGL accounts and differentiated by only attributes are not displayed in the USSGL TFM Section III.
PRIOR-PERIOD (PROPRIETARY) ADJUSTMENTS AND PRIOR-YEAR (BUDGETARY) ADJUSTMENTS
Page 13 of 32
Work Paper Trial Balance for Budgetary Accounts – SBR ONLY
7
Budgetary
Accounts
Column 1
Prior-
Year
Adjustment
Attribute
(N/A for the
SBR)
Column 2
Fiscal
Published
Pre-Close
Column 3
(in thousands)
Fiscal 20 09
Prior-Period
Adjustments
(transactions
1, 2, and 3 )
Column 4
(in thousands)
Restated
Pre-Close
for Fiscal 2008
SBR
(Calc. Col. 3+4)
Column 5
(in thousands)
Restated
Fiscal
SBR
Closing
Entries
Column 6
(in thousands
Restated
Post-Close
Fiscal 2008
SBR
(Calc. Col. 5+6)
Column 7
(in thousands)
Fiscal 20 09
Current-Year
Activity for
SBR
(transactions
4, 5, and 6 )
Column 8
(in thousands)
Fiscal 20 09
SBR for
Publication
(Calc. Col. 7+8)
Column 9
(in thousands)
4119 N/A 12,000 12,000 (12,000) 0 0
4201 N/A 0 4,550 4,550 4,
4450 N/A (11,000) 9,450 (1,550) (1,550) 650 (900)
4901 N/A (1,000) (2,000) (3,000) (3,000) (100) (3,100)
4902 N/A (7,450) (7,450) 7,450 0 (550) (550)
Total 0 0 0 0 0 0 0
Accounts highlighted above in yellow are closed at yearend.
(^7) Considers FASAB Standard No. 21 requirements regarding PPAs but does not consider OMB Circular No. A-11 requirements regarding PYAs.
PRIOR-PERIOD (PROPRIETARY) ADJUSTMENTS AND PRIOR-YEAR (BUDGETARY) ADJUSTMENTS
Page 14 of 32
Financial System Activity and Trial Balance for Budgetary Accounts (used to prepare SF 133, USSGL 2108: Yearend
Closing Statement, and the Budget Program and Financing (P&F) Schedule)
8
Budgetary
Accounts
Column 1
Prior-Year
Adjustment
Attribute
Column 2
Fiscal
Trial Bal.
(used to
prepare
SF 133)
Column 3
(in thousands)
Fiscal
Closing
Entries
Activity
Column 4
(in thousands)
Fiscal 20 08
Post-
Closing
Trial
Balance
(Calc. Col.
Column 5
(in thousands)
Fiscal 20 09
Apportionment
and Allotment
Transaction “A”
Column 6
(in thousands)
Fiscal 20 09
Prior-Year
Adjustments
Activity
(transactions
1, 2, 4, and 5
with “B” and
“P” domains)
Column 7
(in thousands)
Fiscal 20 09
Current Year
Activity
(transactions 3 and
6 with X domain)
Column 8
(in thousands)
Fiscal 20 09 Trial
Bal.
(used to prepare
SF 133)
(Calc. Col. 6+7+8)
Column 9
(in thousands)
4119 X 12,000 (12,000) 0 0 0
4450 B 0 7,500 7,
4450 P 0 2,100 2,
4450 X (11,000) (11,000) 10,100 (9,600) (10,500)
4901 P 0 (2,100) (2,100)
4901 X (1,000) (1,000) (1,000)
4902 B 0 (7,500) (7,500)
4902 X 0 (500) (500)
Total 0 0 0 0 0 0
Accounts highlighted above in yellow are closed at yearend.
(^8) Includes OMB Circular No. A-11 requirements regarding PYAs. This chart is not used for the SBR.
PRIOR-PERIOD (PROPRIETARY) ADJUSTMENTS AND PRIOR-YEAR (BUDGETARY) ADJUSTMENTS
Page 16 of 32
Fiscal 2008 Pre-Closing Trial Balance Comparisons
BUDGETARY
Fiscal 2008 Pre-Closing Ending
Trial Balance
Fiscal 2008 System
(SF 133)
Fiscal 2008 Work Paper SBR
(for Restated Fiscal 2008 SBR
in Fiscal 2009 Comparative
Financials)
(from page 13, col. 5)
USSGL Account Debit
(in thousands)
Credit
(in thousands)
Debit
(in thousands)
Credit
(in thousands ) 4119X Other Appropriations Realized 12,000 12, 4201 Total Actual Resources – Collected 4450B Unapportioned Authority 4450P Unapportioned Authority 4450X Unapportioned Authority 11,000 1, 4901P Delivered Orders – Obligations, Unpaid 4901X Delivered Orders – Obligations, Unpaid 1,000 3, 4902B Delivered Orders – Obligations, Paid 4902X Delivered Orders – Obligations, Paid 7, Total 12 , 000 12 , 000 12 , 000 12 , 000
PROPRIETARY
Fiscal 2008 Pre-Closing Ending
Trial Balance
Fiscal 2008 System
Published in Fiscal 2008
Comparative Financials
Fiscal 2008 Work Paper
(for Restated Fiscal 2008 in
Fiscal 2009 Comparative
Financials)
(from page 15, col. 5)
USSGL Account Debit
(in thousands)
Credit
(in thousands)
Debit
(in thousands )
Credit
(in thousands) 1010 Fund Balance With Treasury 12 , 000 4 , 550 2110 Accounts Payable 1 ,000 3, 000 3101 Unexpended Appropriations – Appropriations Received 12,000 12, 3107 Unexpended Appropriations – Used 1,000 10 , 450 3108 Unexpended Appropriations – Prior-Period Adjustments Due to Corrections of Errors 5700 Expended Appropriations 1,000 10 , 450 5708 Expended Appropriations – Prior-Period Adjustments Due to Corrections of Errors 6100 Operating Expenses/Program Costs 1,000 10,4 50
Total 14,000 14,000 25,450 25,
Differences between SF 133 and SBR explained:
PPAs are required for material corrections of errors, and fiscal 2008 statements are restated. For details about the material corrections, see transactions 1, 2, and 3 and column 4 of the Work Paper Trial Balance for Budgetary Accounts – SBR Only. OMB Circular No. A-11 does not permit restatement of the SF 133. OMB Circular No. A-136 requires restatement of the SBR for material corrections.
Differences between fiscal 20 08 Published and Fiscal 20 08 Work Paper for Fiscal 2008 Restated explained:
PPAs are required for material corrections of errors, and fiscal 08 is restated for presentation in fiscal 2009 Comparative Financials. For details about the material corrections, see transactions 1, 2, and 3 and column 4 of the Work Paper Trial Balance for Proprietary Accounts – Restated FY 08 Financials. See fiscal 2009 trial balances for impact of PPAs on the system.
PRIOR-PERIOD (PROPRIETARY) ADJUSTMENTS AND PRIOR-YEAR (BUDGETARY) ADJUSTMENTS
Page 17 of 32
Fiscal 2009 Pre-Closing Trial Balance Comparisons
BUDGETARY
Fiscal 2009 Pre-Closing Ending
Trial Balance
Fiscal 2009 System
(SF 133)
Fiscal 2009 Work Paper SBR (after Fiscal 2008 Restated SBR in Fiscal 2009 Comparative Financials) (from page 13, col. 9)
USSGL Account Debit
(in thousands)
Credit
(in thousands)
Debit
(in thousands)
Credit
(in thousands ) 4201 Total Actual Resources – Collected 12,000 4, 4450 Unapportioned Authority 900 4450 B Unapportioned Authority 7, 4450 P Unapportioned Authority 2, 4450 X Unapportioned Authority 10, 4901 Delivered Orders – Obligations, Unpaid 3100 4901 P Delivered Orders – Obligations, Unpaid 2, 4901 X Delivered Orders – Obligations, Unpaid 1, 4902 Delivered Orders – Obligations, Paid 550 4902B Delivered Orders – Obligations, Paid 7, 4902X Delivered Orders – Obligations, Paid 500 Total 21,600 21,600 4,550 4,
PROPRIETARY
Fiscal 2009 Pre-Closing Ending
Trial Balance
Fiscal 2009 System
Fiscal 2009 Work Paper (after Fiscal 2008 Restated in Fiscal 2009 Comparative Financials) (from page 15, col. 9)
USSGL Account Debit
(in thousands)
Credit
(in thousands)
Debit
(in thousands )
Credit
(in thousands) 1010 Fund Balance With Treasury 4 ,000 4, 2110 Accounts Payable 3,100 3, 3100 Unexpended Appropriations – Cumulative 11,000 1, 3107 Unexpended Appropriations – Used 650 650 3108 Unexpended Appropriations – Prior-Period Adjustments Due to Corrections of Errors 9, 5700 Expended Appropriations 650 650 5708 Expended Appropriations – Prior-Period Adjustments Due to Corrections of Errors 9, 6100 Operating Expenses/Program Costs 650 650 7400 Prior-Period Adjustments Due to Corrections of Errors
Total 24,200 24,200 5,300 5,
Differences between SF 133 and SBR explained:
The fiscal 2008 SBR was restated to reflect material PPAs, however, the fiscal 2008 SF 133 was not. Also, there are different rules for determining what events/transactions qualify as PPAs to financial statements and those that qualify as PPAs to the SF 133. The SF 133 is prepared directly from system entries, while the SBR is adjusted on the Work Paper.
Differences between fiscal 2009 system and fiscal 2009 Work Paper adjustments explained:
Agency accounting systems are assumed to not be reopened in order to post PPAs to the actual system records. Restatements are assumed to be prepared through Work Papers.
PRIOR-PERIOD (PROPRIETARY) ADJUSTMENTS AND PRIOR-YEAR (BUDGETARY) ADJUSTMENTS
Page 19 of 32
Financial Event Accounting Transaction Debit (in thousands)
Credit (in thousands)
Trans Code C-2 Close revenues, expenses, and other financing sources to cumulative results of operations.
SYSTEM ONLY ENTRIES
Budgetary No Entry
Proprietary 5700 Expended Appropriations 5708 Expended Appropriations – Prior-Period Adjustments Due to Corrections of Errors 3310 Cumulative Results of Operations 6100 Operating Expenses/Program Costs
3310 Cumulative Results of Operations 7400 Prior-Period Adjustments Due to Corrections of Errors
WORK PAPER ONLY ENTRIES
Budgetary No Entry
Proprietary 5700 Expended Appropriations 3310 Cumulative Results of Operations 3310 Cumulative Results of Operations 6100 Operating Expenses/Program Costs
F
F
PRIOR-PERIOD (PROPRIETARY) ADJUSTMENTS AND PRIOR-YEAR (BUDGETARY) ADJUSTMENTS
Page 20 of 32
Financial Event Accounting Transaction Debit (in thousands)
Credit (in thousands)
Trans Code C-3 Close unexpended appropriations – prior-period adjustment account and unexpended appropriations used account to unexpended appropriations-cumulative.
SYSTEM ONLY ENTRIES
Budgetary No Entry
Proprietary 3100 Unexpended Appropriations – Cumulative 3107 Unexpended Appropriations – Used 3108 Unexpended Appropriations – Prior-Period Adjustments Due to Corrections of Errors
WORK PAPER ONLY ENTRIES
Budgetary No Entry
Proprietary 3100 Unexpended Appropriations – Cumulative 3107 Unexpended Appropriations – Used
F
C-4 Close budgetary obligations paid account SYSTEM ONLY ENTRIES Budgetary 4902X Delivered Orders – Obligations, Paid 4201 Total Actual Resources – Collected
Proprietary No Entry
WORK PAPER ONLY ENTRIES
Budgetary 4902X Delivered Orders – Obligations, Paid 4201 Total Actual Resources Collected
Proprietary No Entry
F
