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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.

GASB 34, paragraph 39, requires the statement of activities to present governmental activities at the level of detail as required in the statement of revenues, expenditures and changes in fund balances – governmental fund (at a minimum level by function). Business-type activities are reported at least by segment.

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.