USSGL IRC Board MeetingMay 22, 2014

USSGL IRC Board MeetingMay 22, 2014

# U.S. GOVERNMENT STANDARD GENERAL LEDGER (USSGL)

**VOTING BALLOT #14-01**

The USSGL staff presented Voting Ballot #14-01 at the May 22, 2014, USSGL IRC meeting.  Please indicate the agency’s vote by marking “yes” or “no” on the voting ballot for each proposed revision to the USSGL. Provide a detailed justification for all “no” votes. Fax page 1 and any attachments containing comments or justifications for negative votes to 202-874-7232 or vote via Survey Monkey. BFS will provide the Survey Monkey link to the voting USSGL IRC board members. BFS must receive the agency’s votes by close of business June 5, 2014.

**https://www.surveymonkey.com/s/ZC8W9QW**

**Fiscal Year 2014**

**ADD:CHANGE:**

**Fiscal Year 2015**

**ADD:   CHANGE:**

Name: ______________________________________________

Agency: _____________________________________________

Date: ________________________________________________

**PROPOSED CHANGES TO CURRENT USSGL ACCOUNTS FOR FISCAL 2014**

***Justification:***To update the account definition to clarify the use of the account during a continuing resolution.

**Account Title:**  Unfunded FECA Benefit Contributions Receivable

**Account Number**:  132100

**Normal Balance:**  Debit

**Definition:**  The amount recorded by the Department of Labor for unfunded FECA contributions due from ~~Federal~~ employers.  Until the ~~Federal~~ paying agency records the actual budgetary obligation, the associated FECA liability and receivable are considered unfunded. This account does not close at yearend. 

***Justification:***Department of Labor has entities enrolled in FECA that are not considered federal entities that are required to be covered under FECA by law.  The current definition limited this USSGL account as a receivable due from Federal employers.  A change was made to the Federal Non-Federal Code attribute domain value to allow the domain value of “N” for this USSGL account.  

**Account Title**: Unfunded FECA Benefit Revenue

**Account Number**: 540500 

**Normal Balance**: Credit

**Definition**:  The amount of unfunded FECA accrued revenue recorded by the Department of Labor due from ~~Federal~~ employers.

***Justification:***Department of Labor has entities enrolled in FECA that are not considered federal entities that are required to be covered under FECA by law.  The current definition limited this USSGL account as a receivable due from Federal employers.  A change was made to the Federal Non-Federal Code attribute domain value to allow the domain value of “N” for this USSGL account.  

***Justification:***To update definition to correct typographical error found in the published definition for the USSGL account.

**PROPOSED USSGL ACCOUNTS FOR FISCAL YEAR 2015**

**Account Title:** Funds Not Available – Adjustments to the Exchange Stabilization Fund

**Account Number**: 463500

**Normal Balance:** Credit

**Definition:**  Funds not available for commitment/obligations. The amount of increase or decrease in the Exchange Stabilization Fund as a result of revaluation, foreign exchange rate adjustments, and special liabilities (general allocations and special drawing rights certificates).  Although the normal balance in this account is a credit, it is acceptable in certain instances for this account to have a debit balance when a loss is recognized.  This USSGL account is to be used only by the Department of the Treasury.  This account does not close at year-end. 

***Justification:*** This account was created as it does not close where 463000 does close.

***Justification:***The General Fund has a need for an account similar to USSGL Account 577600  “Nonbudgetary Financing Sources Transferred Out,”, but with a Domain Value of “Blank” for the Fed/Non-Fed attribute. They need this account to properly account for transfers between agencies without causing elimination issues. The General Fund is not a direct trading partner in these transactions and only uses the transfer account as a means to track the change

**Account Title:** Other Losses from Impairment of Assets

**Account Number**: 729200

**Normal Balance:** Debit

**Definition:**  The loss from the partial impairment of General Property, Plant and Equipment (G-PP&E), except internal use software, as prescribed by FASAB  SFFAS No. 44. G-PP&E includes any property, plant, and equipment (PP&E) used in providing goods or services. G-PP&E does not include heritage assets, such as historic and national landmarks, and stewardship land.

***Justification:***  FASAB SFFAS No. 44 “Accounting for Impairment of General Property, Plant, and Equipment Remaining in Use” provides guidance to determine and record losses resulting from the partial impairment of assets used in providing goods or services. The new standard requires that the material losses are to be reported on the Statement of Net Cost. 

**PROPOSED CHANGES TO CURRENT USSGL ACCOUNTS FOR FISCAL 2015**

***Justification:***To update the account definition to clarify the use of this account being restricted to the Department of Transportation and agencies who receive allocation transfers from the Department of Transportation. 

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Ballot 14-01

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Ballot 14-01