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Reporting Requirements for Annual Financial Reports of State Agencies and Universities

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Reporting Requirements for Annual Financial Reports of State Agencies and Universities

General Accounting

Government-wide Financial Statements
Statement of Activities

According to the financial reporting model established by GASB 34 and updated by GASB 103, the statement of activities reports the operations of the agency in a format that presents the net (expense) revenue of its individual functions. This format allows users to assess the relative financial burden of each function on taxpayers.

  • Governmental activities are reported by function, consistent with the level of detail presented in the governmental fund financial statements.
  • Business-type activities are reported by identifiable activity, defined as activities with specific revenue streams and related expenses or gains and losses that are accounted for separately.
  • Program revenues are reported for each function or activity and are:
    • Presented as net against expenses to determine net (expense) revenue.
    • Reported separately for:
      • General revenues
      • Contributions
      • Transfers
      • Other nonprogram revenues
  • Unusual or infrequent items are:
    • Reported as the last flows of resources prior to the change in net position.
    • Presented separately from all other inflows and outflows of resources.

This presentation is consistent with the financial reporting model established by GASB 34 and updated by GASB 103.