di-fiscal accounting and reporting

Date Adopted:                                       5 October 2011                     

Current Review / Revision:                  11 December 2024

Previous Revisions:                               10 August 2022

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 GASB.

2.      “Governmental Accounting Standards Board” (“GASB”) means the board whose purpose is to establish GAAP for state and local governments within the United States.

3.      “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.

4.      “Generally Accepted Government Auditing Standards” (“GAGAS”) means a set of auditing standards and guidelines promulgated by the Government Accountability Office.

Utah Admin. Rules R277-113-2(5) - (8) (December 11, 2023)

District Financial Reporting—

The District shall arrange for external audits of District financial reporting, compliance, and performance in accordance with GAAS and GAGAS. 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. The basis for accounting shall be GASB. 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.

Utah Admin. Rules R277-113-5(9)(g) (December 11, 2023)