Approval Date: August 13, 2019
Amended: October 2022

CAF-Financial Reporting

Definitions

The following definitions apply in this policy:

1. “Generally Accepted Accounting Principles” (“GAAP”) means a common framework of accounting rules and standards for financial reporting promulgated by either FASB or GASB, as applicable to the District.
2. “Financial Accounting Standards Board” (“FASB”) means the board whose purpose is to establish GAAP for nongovernmental entities within the United States.
3. “Governmental Accounting Standards Board” (“GASB”) means the board whose purpose is to establish GAAP for state and local governments within the United States.
4. “Generally Accepted Auditing Standards” (“GAAS”) means a set of auditing standards and guidelines promulgated by the Auditing Standards Board of the American Institute of Certified Public Accountants

District Financial Reporting

The District shall conduct its financial reporting in accordance with GAAP and shall arrange for audits of District financial reporting in accordance with GAAS. The District’s financial reporting shall be done in a manner consistent with the basis of accounting as required by GAAP, as applicable to the District. If the District follows FASB standards, the District shall provide reconciliation between the accrual basis of accounting and modified accrual basis of accounting. The District shall provide data and information consistent with budgeting, accounting (including the uniform chart of accounts for local educational agencies), and auditing standards for Utah local educational agencies provided online annually by the State Superintendent.