IU Accounting Standards
IU Accounting Standards are the authoritative and comprehensive guidance on accounting and financial reporting at Indiana University. Fiscal Officers should follow these standards to ensure fiscal compliance as prescribed by the Office of the University Controller. Existing Standard Operating Procedures will be incorporated into the IU Accounting Standards as they are reviewed and revised.
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Roles & Responsibilities
Understanding the roles and responsibilities of fiscal compliance at Indiana University
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Accounting Fundamentals
Overview of accounting terminology, accounting principles, and normal balances
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Internal Controls
Understanding internal controls, an effective financial control environment and the corresponding accountability
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Chart of Accounts and General Ledger
Overview of the various components of the chart of accounts at Indiana University
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Financial Statements
Understanding the importance of financial statements and the impact the statements have within regular operations
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Closing Procedures and Standards
Overview of both the interim and year-end closing process
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KFS Financial Processing Documents
Guidance on the proper usage of documents as well as general information, requirements, and best practices associated with each document
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Accounting for Assets
Under Construction: How to properly account for the main assets listed on the balance sheet
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Accounting for Liabilities and Fund Balance
Under Construction: How to properly account for the main liabilities listed on the balance sheet
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Accounting for Revenue and Receipts
How and when to account for revenue and how to record receipts from donors, suppliers, students, government organizations and more
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Auxiliary and Other Revenue Producing Activities
How to properly account and record the sale of goods and services to both external and internal customers; as well as associated inventory, taxes and accruals
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Accounting for Expense and Payments
Under Construction: How and when to account for expenses and how to make payments related to employees, students, suppliers, travel, hospitality and more
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Taxes
Under Construction: Guidance on tax compliance and related procedures
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Payroll
Under Construction: Guidance on payroll and related procedures
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Glossary
Comprehensive list of accounting terms and definitions