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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

Fund Financial Statements

The Fund Financial Statements (FFS) report more detailed information about the primary government, which consists of governmental and business-type activities only. These statements report individual major funds and aggregate nonmajor funds, while fiduciary funds are reported separately. Report each fund type using its applicable measurement focus and basis of accounting, for example:

  • Governmental funds — uses the current financial resources measurement focus and modified accrual basis
    • Report equity as fund balance
    • Reflect available spendable resources
  • Proprietary and fiduciary funds — uses the economic resources measurement focus and full accrual basis
    • Report equity as net position.
    • Reflect overall financial position (including long-term assets and liabilities).
    • Report unusual or infrequent items (as defined in GASB 103) as separate line items within the statement of revenues, expenditures and changes in fund balances (SRECFB).

Fiduciary funds are excluded from the government-wide financial statements and are presented only in fiduciary fund statements.

Each agency must report all funds in its annual financial report (AFR) since major funds are evaluated and reported only at the ACFR level. For more information on major funds, see either Agencies That Do Not Issue Stand-Alone or Audited AFRs or Agencies That Issue Stand-Alone or Audited AFRs.