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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

This statement presents the operations of an agency in a format that reports the net (expense) revenue of its individual functions in order to report the relative financial burden of each of the state’s functions on the taxpayers.

According to GASB 37, paragraph 10, the statement of activities must present activities accounted for in the:

  • Governmental funds by function to coincide with the level of detail required in the statement of revenues, expenditures and change in fund balances.
  • Enterprise (business-type) funds by different identifiable activities. This activity is identifiable if it has a specific revenue stream and related expenses or gains/losses that are accounted for separately.

The state of Texas presents governmental and business-type activities by function for expenses and program revenues. General revenues, capital contributions, contributions to permanent and term endowments, transfers, and special and extraordinary items are reported separately after the total net (expense) revenue of the state’s functions.