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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 1 – Summary of Significant Accounting Policies
Basis of Accounting

The Basis of Accounting portion of Note 1 discloses that revenues and expenditures are recognized on a modified accrual basis for governmental funds and a full accrual basis for proprietary, pension and other employee benefit trust funds, external investment trust funds and private-purpose trust funds. For more information, see Full Accrual Basis of Accounting or Modified Accrual Basis of Accounting.