​GAAP Closing Packages

GAAP is an acronym for Generally Accepted Accounting Principles. GAAP is a set of standards set forth by accounting governing boards. In the case of state government, that board is the GASB (Government Accounting Standards Board).

A GAAP closing package is used in the process to 'close out' the fiscal year's financial transactions. Because STARS is a cash-based system and doesn't contain records of all the information needed to create the CAFR's financial statements, we need a way to create and process accrual transactions and account for transactions in accordance with established standards. The closing package provides the avenue by which agencies provide those accrual transactions and also allows the State of Idaho Controllers Office to process the transactions electronically to eliminate the need to hand enter everything as journal entries into the trial balance.  The trial balance is the central repository that provides the totals presented on the financial statements.

A closing "package" consists of:
1. Accrual transactions provided by state agencies
2. Possibly backup documentation showing where the information came from

The two of these make up the so-called "package".

 

GAAP Closing Packages Forms may be publically viewed using the link on the left.  Due to a system modernization, this link will only show FY 2018 and beyond.  To access Closing Packages from before that fiscal year, please sign in to the Applications Menu and access the GAAP Closing Packages application.


GAAP Closing Packages are created, updated and administered through a secure web application on this site, available to authorized state users.