BÁO CÁO KHÔNG. 2011-089 Cơ sở trình bày. Chính sách kế toán của trường phù hợp với các nguyên tắc kế toán được chấp nhận tại Hoa Kỳ áp dụng đối với các trường cao đẳng công cộng và các trường đại học theo quy định của Hội đồng Chính phủ chuẩn mực kế toán (GASB). | February 2011 report No. 2011-089 PALM BEACH STATE COLLEGE A component unit of the state of FLORIDA notes to financial statements Continued June 30 2010 Basis of Presentation. The College s accounting policies conform with accounting principles generally accepted in the United States of America applicable to public colleges and universities as prescribed by the Governmental Accounting Standards Board GASB . The National Association of College and University Business Officers NACUBO also provides the College with recommendations prescribed in accordance with generally accepted accounting principles promulgated by GASB and the Financial Accounting Standards Board FASB . GASB allows public colleges various reporting options. The College has elected to report as an entity engaged in only business-type activities. This election requires the adoption of the accrual basis of accounting and entitywide reporting including the following components Management s Discussion and Analysis Basic Financial Statements Statement of Net Assets Statement of Revenues Expenses and Changes in Net Assets Statement of Cash Flows Notes to Financial Statements Other Required Supplementary Information Basis of Accounting. Basis of accounting refers to when revenues expenses and related assets and liabilities are recognized in the accounts and reported in the financial statements. Specifically it relates to the timing of the measurements made regardless of the measurement focus applied. The College s financial statements are presented using the economic resources measurement focus and the accrual basis of accounting. Revenues expenses gains losses assets and liabilities resulting from exchange and exchange-like transactions are recognized when the exchange takes place. Revenues expenses gains losses assets and liabilities resulting from nonexchange activities are generally recognized when all applicable eligibility requirements including time requirements are met. The College s component unit .
