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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

Governmental Reporting Overview

The basic financial statements consist of government-wide financial statements (GWFS), fund financial statements (FFS) and notes to the financial statements (notes). This section provides information on the GWFS and the FFS. The notes are explained in Notes and Samples.

Each agency is not required to submit its AFR in compliance with GASB 34, unless required to do so to meet independent audit requirements. However, each agency is required to present additional information in its AFR to assist the state in compiling the ACFR in compliance with all GASB pronouncements.