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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 (FFS)

The FFS reports more detailed information about the primary government, which consists of governmental and business-type activities only. These statements present information about major funds individually and non-major funds in the aggregate for governmental and proprietary fund types. Fiduciary statements include financial information for fiduciary fund types. Each of these fund types are reported using the measurement focus and basis of accounting required for that fund type.

For governmental and proprietary funds, special and extraordinary items are reported separately at the bottom of the statement of revenues, expenditures and changes in fund balances or the statement of revenues, expenses and changes in net position, respectively.

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 do issue stand alone or audited AFRs.