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Glenn Hegar  ·  Texas Comptroller of Public Accounts

Reporting Requirements for Annual Financial Reports of State Agencies and Universities

General Accounting

General Accounting

The financial activities of the government are reported using financial statements that present those financial activities using fundamental components, or elements.

In addition to the financial statements discussed below, a statement of cash flows is also required for all proprietary funds and special purpose governments engaged only in business-type activities.

The state of Texas uses the following statements to present its financial position:

These statements of financial position report the following elements:

  • Assets – Resources with present service capacity that the government presently controls
  • Deferred outflows of resources – The consumption of net assets by the government that is applicable to a future reporting period
  • Liabilities – Present obligations to sacrifice resources that the government has little or no discretion to avoid
  • Deferred inflows of resources – An acquisition of net assets by the government that is applicable to a future reporting period
  • Net position – The residual of all other elements presented in a statement of financial position for proprietary funds, fiduciary funds and the government-wide statements
  • Fund balance – The difference between governmental fund assets and deferred outflows of resources, and liabilities and deferred inflows of resources

The state of Texas uses the following statements to present its resource flows:

These resource flow statements report the following elements:

  • Inflow of resources – The acquisition of net assets by the government that is applicable to the reporting period

    Examples:

    • Revenues
    • Capital contributions
    • Transfers in
    • Bond issuances
  • Outflow of resources – The consumption of net assets by the government that is applicable to the reporting period

    Examples:

    • Expenditures/expenses
    • Transfers out
    • Payments to escrow agents for bond refundings
Glenn Hegar
Texas Comptroller of Public Accounts
Questions? Contact statewide.accounting@cpa.texas.gov
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