Revised August 23, 2005
CPB has published a new edition of Application of Principles of Accounting and Financial Reporting to Public Telecommunications Entities for use by public broadcasters systemwide and by their independent accountants.
The document describes in detail -- and presents extensive examples of -- the basic financial statements that CPB station grantees must prepare for audit by independent accountants and subsequent submission to CPB as a condition of the receipt of funds from CPB.
Federal law requires CPB to develop these principles of accounting and financial reporting for all public telecommunications entities that receive funds from CPB. The most recent prior update was published in 1996.
With help from accountants KPMG, CPB has revised and updated the document and consulted with the US General Accounting Office, as the law also requires. The document recognizes the big changes in accounting and financial reporting that accounting standards bodies have adopted since the document was last updated.
Note: Two paragraphs were inserted in Section 4.9.1 Overview of [GASB] Reporting Requirements, to express CPB's requirement of comparative statements.
