Reporting Requirements for Annual Financial Reports of State Agencies and Universities

Resources

Agency Fiscal Year-End USAS Adjustments and AFR Checklist
Step 8 – Notes to the Financial Statements

• Note 1
• Note 2
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• Note 4
• Note 5
• Note 6
• Note 7
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• Note 14
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• Note 20
• Note 22
• Note 23
• Note 24
• Note 25
• Note 26
• Note 27
• Note 28
• Note 29
• Note 30
• Note 31
• Note 32
• View All

Note 23 – Unusual or Infrequent Items

1. Disclose any unusual or infrequent items regardless of the amount.
2. The agency must report contributions, unusual or infrequent items, and transfers separately from one another and from general revenues.
3. The agency must refrain from reporting unusual or infrequent items in connection with refundings resulting in the defeasance or redemption of debt.
4. The agency must report the effect of any capital asset impairments as program expense, program revenue (if a gain), or an unusual or infrequent item, rather than as general revenue.
   1. An agency that acquired an external entity during the year must report an unusual or infrequent item if the consideration it provided was less than the net position acquired (after any applicable adjustment to noncurrent nonfinancial assets), unless the selling entity intended the amount as a contribution.
   2. Report gains (or losses) resulting from bankruptcy proceedings as an unusual or infrequent item.
   3. If the agency provides prescription drug coverage to retirees and receives payments directly from the federal government under Medicare Part D, the agency must recognize revenue rather than reducing OPEB costs.
5. Report unusual and infrequent inflows and outflows separately (before the change in net position) in the financial statements.
6. Submit a copy of the agency’s applicable note from its published AFR through the ONDSS web application. The required format is a Microsoft Word document (latest version: docx) with header information that includes: agency name/number and note number/name. If the note contains a table, include the table in the Word document — rather than as a separate Excel document or other database application file. Do NOT submit a note to indicate “not applicable.”