Reporting Requirements for Annual Financial Reports of State Agencies and Universities
General Accounting
The Financial Reporting Entity
Related Organizations
Related organizations (as defined by GASB 14, paragraph 68) are organizations for which the agency is accountable because the agency appoints a voting majority of the board, but is not financially accountable because the relationship does not meet the financial accountability criterion. The financial activities of related organizations are not included in the financial statements of the agency.
For information on note disclosure requirements for related organizations, see Related Organizations in Note 19 — The Financial Reporting Entity. Also, users can access GASB 14 on GASB’s Governmental Accounting Research System (GARS) website or a PDF version may be downloaded from the Pronouncements page on GASB’s website.