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 19 – The Financial Reporting Entity
Joint Ventures

If the agency is a participant in a joint venture (as discussed in Joint Ventures in The Financial Reporting Entity), the agency must disclose the following information in Note 19 — regardless of whether the agency has an equity interest in the joint venture:

  • A description of the participating government’s ongoing financial interest (including its equity interest, if applicable) or ongoing financial responsibility
  • Information that allows for the evaluation of whether or not the joint venture is accumulating significant financial resources or is experiencing fiscal stress that may cause an additional financial benefit to or burden on the participating government in the future
  • Information about the availability of separate financial statements of the joint venture
  • Information on related party transactions — if applicable

For information on the financial reporting of an equity interest in a joint venture, see Reporting Equity Interest in Legally Separate Organizations.