Skip to content
Breadcrumbs

Reporting Requirements for Annual Financial Reports of State Agencies and Universities

Note: To navigate this guide on a mobile device you must use the Table of Contents.

Reporting Requirements for Annual Financial Reports of State Agencies and Universities

Notes & Samples

NOTE 1 – Summary of Significant Accounting Policies

General Introduction

Present a brief narrative discussing the agency and its components in this section.

Note 1 must address the following situations:

  • The selection of an accounting treatment when the Generally Accepted Accounting Principles (GAAP) permits more than one approach
  • Accounting practices unique to state government
  • Unusual or innovative applications of GAAP

Reporting Consideration for COVID-19 Response

In response to the COVID-19 pandemic, Congress passed the:

  • Coronavirus Aid, Relief, and Economic Security (CARES) Act.
  • CARES Act for the Higher Education Emergency Relief Fund (HEERF), which provides budgetary relief to higher education institutions through numerous provisions.

The act provides economic grants to offset some additional expenses and forgone revenue as a result response to COVID-19.

In the ACFR, the Comptroller’s office discloses COVID-19 in the Comprehensive Letter of Transmittal and Management Discussion and Analysis. Agencies must disclose the impact in the ONDSS web application for Note 1 in a separate section.