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CHAPTER 7.2
GAAP REPORTING IN FIRMS
OVERVIEW
In addition to the entry of financial statement data into TM1, campuses are required to upload their
GAAP-basis data to FIRMS. (See Chapter 3 in the Legal Accounting and Reporting Manual for
a full description of FIRMS.) Unlike the TM1 data, which is presented on a consolidated basis
(i.e., not by state or CSU fund), FIRMS data is uploaded at the CSU fund level. Campuses must
ensure that the data in both TM1 and FIRMS are consistent.
GAAP DATA IN FIRMS
Data presented on the GAAP basis of accounting is uploaded annually to FIRMS (see the Master
Timeline for the upload deadline). The submission procedure is the same as for other FIRMS
submissions (see the FIRMS Data Submission Guide at the Financial Services web page). The
upload consists of three files or activity periods:
 Period 16, GAAP pre-closing file
 Period 17, GAAP closing entries file
 Period 18, GAAP post-closing file
Each file is further identified by the FIRMS element Record Type:
 Period 16 includes:
 Record Type 30, GAAP beginning balances
 Record Type 31, GAAP current year activity
 Record Type 32, GAAP current year adjustments
 Period 17 is identified with Record Type 38, GAAP closing entries
 Period 18 is identified with Record Type 39, GAAP ending balances
Assets, deferred outflows of resources, liabilities, deferred inflows of resources, revenues,
expenses in the pre-closing file (Period 16) must agree with the amounts in the reporting package
for corresponding line items in both the GAAP object code and program group code when
applicable. Assets, liabilities and net position in the post-closing file (Period 18) must agree with
the amounts in the reporting package for corresponding line items in both the GAAP object code
and program group code when applicable. All FIRMS GAAP data (Periods 16, 17 and 18) must
have the appropriate and accurate CSU fund number, which provides additional details required
for MD&A and management reports beyond the basic financial statements.
The GAAP data in FIRMS is used for a variety of purposes by the Chancellor’s Office, including
preparation of schedules for the SCO to aid them in their completion of the state’s GAAP-basis
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financial statements (known as the CAFR). (See Chapter 18, SCO GAAP Submission, in this
manual for further information about the CSU’s contribution to the CAFR.)
The GAAP data submitted to FIRMS is subject to automated edits and a manual review. The most
significant automated edit is based on the GAAP Edits Table. This table determines the validity
of CSU fund, natural class code, net position category and program code combinations. The table
is maintained by the Chancellor’s Office and is downloaded into PeopleSoft CFS each night via
an automated process. An Excel version of the GAAP Edits Table is posted on the Financial
Services website.
It should be noted that there are three types of combination edits reflected in the table, “X”, “X(A)”
and “X(Campus Code)”. “X” denotes a valid combination. “X(A)” denotes a combination that is
allowed to flow from the legal-basis records, but which needs to be adjusted in GAAP. “X(Campus
Code)” denotes a valid combination only for the specific campus identified in the code. When the
entry is not adjusted in GAAP an error message will be reflected on the FIRMS Validation Report.
Campuses should run the PeopleSoft query CSU_GAAP_Reclass to obtain further details about
the error so that it can be corrected.
The manual review consists of the following for each campus:
 Comparison of GAAP FIRMS data to Statement of Net Position (SNP) and Statement of
Revenue, Expenses and Changes in Net Position (SRECNP) as presented in TM1.
 Confirmation that the changes in asset, deferred outflows of resources, liability, and deferred
inflows of resources balances between the pre- and post-closing files are zero.
 Confirmation that the changes in net position between the pre- and post-closing files equals
the sum of revenue and expense activity.
 Confirmation that the data as provided in GAAP FIRMS and on the TM1 tie to the SCO GAAP
schedules (discussed in Chapter 18 of this manual).
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REVISION CONTROL
Document Title:
CHAPTER 7.2 – GAAP REPORTING IN FIRMS
REVISION AND APPROVAL HISTORY
Section(s)
Revised
Summary of Revisions
Revision Date
GAAP Data
in FIRMS
Added language that includes X(Campus Code) combination edits
March 2016
General
New chapter in FY2015
April 2015
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