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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

Notes & Samples

NOTE 5 – Long-Term Liabilities

Note 5 contains narrative identifying long-term liabilities along with a table presenting balances and current fiscal year transactions for each type of long-term liability. The table contains separate sections for governmental and business-type activities.

GASB 34 requires liabilities whose average maturities are greater than one year to be reported in both of the following components in the long-term liabilities activity table:

  • The amount due within one year (current)
  • The amount due in more than one year (noncurrent)

GASB requires a separate disclosure in the debt service requirements table for principal and interest on debt service to maturity.

Report discrete component units using the full accrual basis of accounting in the same manner as proprietary funds. To do so, agencies should follow the instructions pertaining to business-type activities when recording long-term liabilities for discrete component units.