Click to review the below standards related to accounting close at IU:

UCO-CLS-1.00: Accrual Accounting

Click the above link to navigate to the accrual accounting standard.  IU utilizes accrual accounting, where revenues are recognized when realized and earned, not based on when cash is received. Review this standard to ensure closing processes comply with the accrual accounting method.

UCO-CLS-2.00: Balance Sheet Substantiation

Click the above link to navigate to the balance sheet substantiation standard. This standard will explain the elements of the balance sheet substantiation process and how it is used internally within Indiana University.

UCO-CLS-2.01: Material Transactions Substantiation

Click the above link to navigate to the material transaction substantiation standard. This standard will explain the elements of the material transaction substantiation process and how it is used internally within Indiana University.

UCO-CLS-3.00: Variance Analysis

Click the above link to navigate to the variance analysis standard. This standard will  provide information to aid the reader in understanding variance analysis and how to perform a variance analysis when closing at Indiana University.

UCO-CLS-4.00: Account Reconciliation

Click the above link to navigate to the account reconciliation standard. This standard will provide an overview of how to properly perform an account reconciliation at Indiana University. Reconciliations are a review of operating reports to ensure that the balances posted to an account are those that were approved by the fiscal officer, or their delegate, and that they are allowable and appropriate.

UCO-IRR-1.02: Financial Sub-Certification

Click the above link to navigate to the financial sub-certification standard. This standard will provide an overview on how to properly complete the financial sub-certification form at Indiana University. Financial sub-certification is required as it is a means to focus on accountability and compliance with internal control responsibilities across the institution.