Reporting Requirements for Annual Financial Reports of State Agencies and Universities
General Accounting
Fund Balance/Net Position
Discrete Component Units
Discrete component units are separate organizations that are legally or financially distinct from the agency but are included in the agency’s financial reporting because they are significant enough that excluding them would make the agency’s financial statements misleading or incomplete. Discrete component units are reported in FT15 using the full accrual basis of accounting in the same manner as proprietary funds. For more information on reporting the net position of discrete component units, see Proprietary Funds.