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Glenn Hegar  ·  Texas Comptroller of Public Accounts

Reporting Requirements for Annual Financial Reports of State Agencies and Universities

Introduction

Changes

In response to changes in generally accepted accounting principles, agency requests, identification of problems and new issues raised, the Comptroller’s office made changes to the Reporting Requirements for Annual Financial Reports of State Agencies and Universities. The significant changes incorporated into the reporting requirements as of the June 23, 2017, publication date are listed below.

  1. Home Tab

    The state of Texas follows the requirements and guidelines provided in GASB pronouncements (statements, interpretations, technical bulletins and concepts statements). Standards newly effective for fiscal 2017 are listed below:

    1. GASB 74 (effective for fiscal 2017):
      • Addresses the financial reports of defined benefit OPEB plans administered through trusts
      • Requires more extensive note disclosures and required supplementary information (RSI) related to the measurement of the OPEB liabilities
      • Sets forth note disclosure requirements for defined contribution OPEB plans
      • State agencies and universities operate on a pay-as-you-go basis and do not set aside assets in a dedicated trust to accumulate such assets — therefore this standard does not apply
    2. GASB 77 (effective for fiscal 2017):
      • Defines tax abatement
      • Provides disclosure requirements for governments that have granted tax abatements
    3. GASB 78 (effective for fiscal 2017):
      • Amends the scope and applicability of Statement No. 68, Accounting and Financial Reporting for Pensions — an amendment of GASB Statement No. 27
      • Applies to cost-sharing multiple-employers
    4. GASB 80 (effective for fiscal 2017):
      • Amends the blending requirements for the financial statement presentation of component units
      • Includes an additional criterion that requires the blending of a component unit incorporated as a not-for-profit corporation where the State of Texas is the sole corporate member
      • Further clarifies that the additional criterion does not apply to component units included in the financial reporting entity pursuant to the provisions of Statement No. 39, Determining Whether Certain Organizations Are Component Units.
    5. GASB 85 (effective for fiscal 2017):
      • Addresses a variety of topics including issues related to:
        • Blending component units
        • Goodwill
        • Fair value measurement and application
        • Postemployment benefits

    These pronouncements are available in the following formats from GASB’s website.

    • Free downloadable PDF format — available from the Pronouncements page
    • Order/Purchase individual bound hard copies — available from the GASB store
  2. Current GASB Pronouncements

    Updated current GASB pronouncements.

  3. Upcoming GASB Statements, Exposure Drafts and Preliminary Views

    Updated upcoming GASB statements, exposure drafts and preliminary views

  4. General Accounting Tab
    • Added new requirements to discrete component units for GASB 80
    • Clarified requirements for reporting revenues on the government-wide financial statements
    • Added reconciliation checklist for statement of cash flows
    • Clarified requirements for revenue receivables updated by GASB 65
    • Clarified requirements for specialized accounting topics covered by GASB 62
    • Add new requirement for specialized accounting topic for GASB 77
  5. USAS Tab
  6. General Revenue Reconciliation Tab
    • Clarified reconciliation steps for salary increase
    • Clarified reconciliation steps for payroll-related costs
  7. Capital Assets Tab
    • Clarified requirements for reporting leased property
    • Clarified requirements for reporting interagency property transfers
    • Clarified requirements for reporting non-monetary property transfers
  8. Pass-Through Activity Tab
    • Updated reference to Uniform Guidance from A-133 Single Audit
    • Added clarification on adding new information to the SEFA web app
    • Removal of Robert C. Byrd Scholarship program as a valid program
    • Removal of LEAP/SLEAP program as a valid program
    • Updated requirements to Note 3 disclosure
    • Updated requirements to Note 8 disclosure
  9. Bonds Tab
  10. Notes and Samples Tab
    • Note 1 — Update to required text for clarification
    • Note 3 — Update to required text and tables related to GASB 72
    • Note 5 — Update to required text for clarification
    • Note 6 — Update to required text and tables
    • Note 9 — Update to required text and tables
    • Note 11 — Update to required text for clarification
    • Note 19 — Update to required text for clarification
    • Note 25 — Update to required text for clarification
    • Note 28 — Update to required text for clarification
    • Note 31 — New note disclosure for tax abatements
    • Note 32 — New note disclosure for fund balance allocations
  11. Universities Tab
  12. References/Resources/Tools Box
    Updated the following elements within the right-hand toolbox:
    • Agency Year-End USAS Adjustments and AFR Checklist
      • Step 6 — GR Reconciliation
      • Step 7 — Statement of Cash Flows
      • Step 8 — Notes to the Financial Statements — Note 3
      • Step 8 — Notes to the Financial Statements — Note 9
      • Step 8 — Notes to the Financial Statements — Note 11
      • Step 9 — Supplementary Schedules
    • Updated the Deadlines information
    • Updated the Glossary
    • Revised screenshots and clarified steps to the following AFR web applications:
      • SEFA
      • DINNS
      • LTLN
      • LNSS
      • RNSS
    • Added ACFR Reconciliation Template for statement of cash flows
    • Updated required text for GASB 77 in the letter of transmittal
    • Update to AFR submission requirements
Glenn Hegar
Texas Comptroller of Public Accounts
Questions? Contact statewide.accounting@cpa.texas.gov
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