Skip to main content
NC OSC logo NC OSC

Topical Navigation

  • Home
  • State Agency Resources
  • Training
  • Public Information
    Public Information
    • Reports
  • Vendors
  • News
  • Contact
  • About
    About
    • Who We Are
    • Why We Exist
    • Our Enterprise Duties
    • Document Accessibility
    • Nels Roseland
  • NC.GOV
  • AGENCIES
  • JOBS
  • SERVICES
NC OSC »   Home

105.3 - Statewide Accounting Policy - Licensing Boards

Policy Area: Accounting and Financial Reporting
Policy Sub Area: State Financial Reporting
Authority:  GASB Codification Section 1300; AICPA Audit and Accounting Guide: State and Local Governments (Chapter 15)
Effective Date: 7/1/2006
Last Revision Date: 4/30/2017
Policy Owner/Division: Statewide Accounting

Policy

  • The following standards should be followed in the preparation of separately issued financial statements for licensing boards of the State of North Carolina ("Boards"): 
  • The financial statements should be prepared in accordance with Generally Accepted Accounting Principles ("GAAP") as applicable to governments. The Governmental Accounting Standards Board ("GASB") establishes standards of financial accounting and reporting for state and local governmental entities. 
  • Boards should be reported as enterprise funds since State law requires that their costs of providing services, including capital costs, be recovered with fees and charges, rather than with taxes or similar revenues (GASB COD 1300). 
  • The required financial statements of Boards are: 
    • Statement of net position
    • Statement of revenues, expenses, and changes in fund net position
    • Statement of cash flows 
  • The financial statements of Boards should be presented using the economic resources measurement focus and the accrual basis of accounting. 
  • The financial statements should include all relevant GAAP financial statements, note disclosures, and required supplementary information, including management's discussion and analysis (MD&A). The MD&A should discuss all topics required by GAAP (as applicable). 
  • FASB Statement No. 116, Accounting for Contributions Received and Contributions Made, and FASB Statement No. 117, Financial Statements of Not-for-Profit Organizations, are not applicable to governmental organizations, and are therefore not appropriate accounting standards for Boards. 

Procedures

N/A

Accounting Guidance

GFOA Recommended Practice: Including Management's Discussion and Analysis in Departmental Reports (2004)

Related Documents (Memos/Forms)

N/A

Revision History

  • 4/1/2013 - Updated for GASB Statement 63
  • 4/30/2017 - Updated link and authority references

Share this page:

  • Facebook
  • Twitter
  • Email
Back to top

OSC Addresses

Physical Address
3512 Bush Street
Raleigh, NC 27609
Map It!

Mailing Address
1410 Mail Service Center
Raleigh, NC 27699-1410

State Courier: 56-50-10

OSC Training Center
3514 Bush Street
Raleigh, NC 27609
Map It!

Contact Us

OSC Primary Contact Number
919-707-0500

HR-Payroll System Questions
BEST Shared Services
919-707-0707
866-622-3784
Hours: Mon-Fri 8:00 AM - 5:00 PM

NCFS Questions
BEST Shared Services
919-707-0795
866-292-4314
Hours: Mon-Fri 8:00 AM - 5:00 PM

NCAS/SECP Questions
OSC Support Services Center
919-707-0795
866-292-4314
Hours: Mon-Fri 8:00 AM - 4:30 PM

OSC observes all State Holidays.

Our Mission

Protect the financial integrity of the State and promote accountability in an objective and efficient manner.

 

Want to work for OSC? Check our current job openings.

 

  • Accessibility
  • Terms of Use
  • Privacy Policy
  • Open Budget
NC OSC
https://www.osc.nc.gov/1053-statewide-accounting-policy-licensing-boards