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PPCs A&A Workpapers

Conversion Worksheet—Governmental Fund Balances to Net Assets

This workbook provides the format, including an area for adjustments, to convert government fund balances to net assets for inclusion in the government-wide statement of net assets. The first worksheet, “Capital Asset Info,” provides the format to calculate the Investment in Capital Assets, Net of Related Debt (the first component required in GASBS No. 34, paragraph 32). The second worksheet, “Conversion Worksheet,” is the actual conversion worksheet for determining the Restricted (distinguishing between major categories of restrictions) and Unrestricted balances.

Entering Data on the Conversion Worksheet

Decide which major categories of restricted assets are required (for example, restricted for community service, debt service, or capital projects). Fill in the nature of the restriction in the column heading. Smaller categories of restricted assets can be combined into a single restricted column and labeled "Other Purposes." All amounts that are not restricted go in the unrestricted column.
The line item titles for fund balances should come directly from the Governmental Funds Balance Sheet. Extend the fund balance amounts to one or more of the restricted asset columns or to the unrestricted column, as appropriate. Debits should be entered as positive numbers and credits should be entered as negative numbers. (All amounts that are not restricted go in the unrestricted column.) The total fund balances should equal the amount reported in the Governmental Funds Balance Sheet.
Record all of the adjustments (including eliminations) and reclassifications necessary for consolidating the fund financial statements and for recording assets and liabilities recognized in the Government-wide Statement of Net Assets but not recognized in the fund financial statements. The total adjustment amounts should equal the total dollar amount of the reconciling items presented in the reconciliation section of the Governmental Funds Balance Sheet. (The total of each reclassifying item presented should equal zero.)
Extend the adjustments, eliminations, and reclassifications into the appropriate columns. Debits should be entered as positive numbers and credits should be entered as negative numbers. The total net assets should equal the amount reported in the Government-wide Statement of Net Assets.
Note: The fund financial statements and the Government-wide Statement of Net Assets should be complete (except for allocation of net assets), and the entries referred to here are the ones already made to arrive at the assets and liabilities in the statement of net assets. These entries are the same entries used to complete the Conversion Worksheet-Statements of Net Assets and Activities template. The entries can be summarized in whatever manner is convenient for posting to the worksheet or in whatever way is convenient for the accountant.

Inserting Additional Line Items

Within the Fund Balances, Adjustments, and Reclassification sections, it is possible to add more rows if additional line items are needed. See the section “General Workpaper Functionality and Tips for Entering Data” for information concerning the tips for and potential effects of inserting and deleting workbook line items. After inserting a row, copy the formulas in the “Total” column from an existing row to the new row.