FASRG Version 17 Proposed Module Updates

Background Information

The Financial Accountability System Resource Guide (FASRG) describes the rules of financial accounting for school districts, charter schools, and education service centers and is adopted by reference under the Texas Administrative Code §109.41. Revisions to the FASRG would align the content with current governmental accounting and auditing standards, remove obsolete requirements, and remove descriptions and discussions of best practices and other non-mandatory elements.

Requirements for financial accounting and reporting are derived from generally accepted accounting principles (GAAP). School districts and charter schools are required to adhere to GAAP. Legal and contractual considerations typical of the government environment are reflected in the fund structure basis of accounting.

School district and charter school accounting systems shall use the accounting code structure presented in the Account Code section of the FASRG (Module 1). Funds shall be classified and identified on required financial statements by the same code number and terminology provided in the Account Code section of the FASRG (Module 1).

The following are the proposed changes that would be made to Modules 1-6, Version 17 of the FASRG.

April 2021 State Board of Education Meeting First Reading and Filing Authorization

Public comment for the proposed rule begins March 5, 2021, through April 9, 2021.

Public comments may be submitted during this time using the public comment form.

Proposed Modules

Attachment II: Proposed Module 1, Financial Accounting and Reporting (FAR) and FAR Appendices

Attachment III: Proposed Module 2, Special Supplement - Charter Schools

Attachment IV: Proposed Module 3: Special Supplement - Non-profit Charter Schools Chart of Accounts

Attachment V: Proposed Module 4: Auditing

Attachment VI: Proposed Module 5: Purchasing

Attachment VII: Proposed Module 6: Compensatory Education, Guidelines, Financial Treatment, and an Auditing and Reporting System

Change Document

Proposed Change Document - The proposed change document includes the changes that are being proposed for each module.