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Reporting Requirements for Annual Financial Reports of State Agencies and Universities

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2016 Changes – Reporting Requirements for Annual Financial Reports of State Agencies and Universities


Changes for the 2016 Reporting Period

In response to agency requests, identification of problems and new issues raised, the Comptroller’s office made changes to the Reporting Requirements for Annual Financial Reports of State Agencies and Universities. The significant changes incorporated into the reporting requirements as of the June 24, 2016, publication date are listed below.

  1. Home Tab

    The state of Texas follows the requirements and guidelines provided in GASB pronouncements (statements, interpretations, technical bulletins and concepts statements). These pronouncements are available in the following formats from GASB’s website.

    • Free downloadable PDF format — available from the Pronouncements page
    • Order/Purchase individual bound hard copies — available from the GASB store.
      1. GASB 72 (effective for fiscal 2016):
        • Defines fair value
        • Provides methods to measure fair value
        • Discusses applicability of fair value guidance to investments and other items currently reported at fair value
        • Provides potential disclosures about fair value
      2. GASB 73 (effective for fiscal 2016):
        • Establishes requirements for pensions and pension plans not administered through trust.
        • Defines pension plan assets.
        • Amends certain provisions of GASB 67 and GASB 68.
      3. GASB 76 (effective for fiscal 2016):
        • Reduces the GAAP hierarchy down to two categories of authoritative GAAP.
        • Raise the category of implementation guidance in the GAAP hierarchy.
        • Addresses the use of authoritative and non-authoritative literature
      4. GASB 79 (effective for fiscal 2016):
        • Establishes criteria for an external investment pool to qualify for making the election to measure all of its investments at amortized cost for financial reporting purposes:
          1. how the external investment pool transacts with participants
          2. requirements for portfolio maturity, quality, diversification, and liquidity
          3. calculation and requirements of a shadow price
  2. Highlights

    Added information for the RNSS web application.

  3. Current GASB Pronouncements

    Updated current GASB pronouncements.

  4. Upcoming GASB Statements, Exposure Drafts and Preliminary Views

    Updated upcoming GASB statements, exposure drafts and preliminary views

  5. General Accounting Tab
  6. USAS Tab
  7. Capital Assets Tab
  8. Pass-Through Activity Tab
  9. Bonds Tab
  10. Notes and Samples Tab
  11. Universities Tab:
  12. References/Resources/Tools Box: Updated the following elements within the right-hand toolbox:
    1. Agency Year-End USAS Adjustments and AFR Checklist
    2. Note submission requirements for Note 2, Note 3 and Note 7
    3. Updated the Deadlines information
    4. Updated the Glossary.
    5. Revised screenshots and clarified steps to the following AFR web applications:

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