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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 19 – The Financial Reporting Entity
Related Organizations (GASB 14, paragraph 68)

If a legally separate entity was determined to be a related organization (as discussed in Related Organizations in The Financial Reporting Entity), the agency must disclose the nature of the agency’s accountability for related organizations in Note 19. Groups of similarly related organizations may be summarized.

In addition, include information on the related party transactions if any related party transactions occurred between the agency and the related organization during the fiscal year.