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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 26 – Segment Information
Reporting Segment Information

In accordance with GASB 34 and GASB 37 (as amended by GASB 103), disclose the nature of the goods or services provided for each reportable segment and present condensed financial information in the notes. Condensed financial information must include the elements in items A through C below:

  1. Condensed statement of net position:
    • Total assets, distinguishing:
      • Current assets
      • Other assets
      • Receivables from other funds or component units (reported separately)
      • Noncurrent Capital assets
    • Total deferred outflows of resources
    • Total liabilities, distinguishing:
      • Current liabilities
      • Payables to other funds or component units (reported separately)
      • Noncurrent liabilities
    • Total deferred inflows of resources
    • Total net position, distinguishing:
      • Net investment in capital assets
      • Restricted (separately identifying major categories, if applicable)
      • Unrestricted

Current assets generally include cash, short-term investments, receivables, prepaid expenses and the current portion of long-term receivables. Current liabilities include accounts payable, short-term notes payable, unearned revenue and other liabilities expected to be paid out of current assets (for example, the current portion of long-term debt).

  1. Condensed statement of revenue, expenses and changes in net position:
    • Operating revenues (by major source)
    • Operating expenses; depreciation (including any amortization) is reported separately
    • Operating income (loss)
    • Noncapital subsidies (detailed)
    • Operating income (loss) and noncapital subsidies
    • Other nonoperating revenues (expenses) (detailed)
    • Unusual or infrequent items (detailed)
    • Increase (decrease) in net position
    • Beginning net position
    • Ending net position
  2. Condensed statement of cash flows:
    • Net cash provided (used) by operating activities
    • Net cash provided (used) by noncapital financing activities
    • Net cash provided (used) by capital and related financing activities
    • Net cash provided (used) by investing activities
    • Beginning cash and cash equivalent balances
    • Ending cash and cash equivalents balances