Texas State Board of Public Accountancy Annual Financial Report: 2012 Page: 5
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UNAUDITED
TEXAS STATE BOARD OF PUBLIC ACCOUNTANCY (457)
Governmental fund types that build the fund financial statements are accounted for using the
modified accrual method basis of accounting. Under the modified accrual basis, revenues are
recognized in the period in which they become both measurable and available to finance
operations of the fiscal year or liquidate liabilities existing at fiscal year end. The State of
Texas considers receivables collected within sixty days after year-end to be available and
recognizes them as revenues of the current year for fund financial statements prepared on the
modified accrual basis. Expenditures and other uses of financial resources are recognized
when the related liability is incurred.
Governmental adjustment fund types that will build the Government-wide Financial
Statements are accounted for using the full accrual method of accounting. This includes
capital assets, accumulated depreciation, unpaid Employee Compensable Leave, the
unmatured debt service (principal and interest) on general long-term liabilities, long-term
capital leases, and long-term claims and judgments and full accrual revenues and expenses.
The activity will be recognized in these fund types.
C. BUDGETS AND BUDGETARY ACCOUNTING
Prior to September 1, 2001, the budget was prepared biennially and represented
appropriations authorized by the Legislature and approved by the Governor (the General
Appropriations Act). Encumbrance accounting was employed for budgetary control purposes.
Unencumbered appropriations are generally subject to lapse 60 days after the end of the fiscal
year for which they were appropriated.
Currently, under the Self-Directed Semi-Independent Project Act, an itemized budget covering
operations for the year is prepared by the Board's staff and approved by the Board. During
the year, the Board's financial activity is monitored against this budget.
D. ASSETS, LIABILITIES, AND FUND BALANCES/NET ASSETS
ASSETS
Cash Equivalents
Invested balances in the overnight repurchase agreement pool are reported as a cash
equivalent and identified as Repurchase Agreement - Texas Treasury Safekeeping
Trust Co.
Cash equivalents are also short-term, highly liquid investments that are both readily
convertible to cash and so near to maturity that they present insignificant risk of
changes in value because of changes in interest rates.
Pursuant to the Funds Management Agreement with the Comptroller's Office, money
held in the Texas Safekeeping Trust Fund accounts and subaccounts shall be fully
invested at all times and reinvested by the Trust Company in authorized investments
which include any investment described under Sections 404.024 and 404.106 of the
Texas Government Code.
Accounts Receivable
The Board may assess an administrative penalty against respondents involved in
disciplinary proceedings in accordance with Section 901.551, Occupations Code. As
of August 31, 2012, $113,022.50 in penalties was outstanding and unpaid. Since thecertainty and timing of these receipts is unknown, they are not included as part of
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Texas State Board of Public Accountancy. Texas State Board of Public Accountancy Annual Financial Report: 2012, report, Autumn 2012; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth578664/m1/16/: accessed July 17, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.