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Glenn Hegar  ·  Texas Comptroller of Public Accounts

Reporting Requirements for Annual Financial Reports of State Agencies and Universities


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

Note 18 – Management’s Discussion and Analysis

  1. Disclose that material changes in net position, revenues and expenses, etc. (if any).
  2. Include descriptions of currently known facts, conditions or decisions that could affect the availability of fund resources.
  3. Include descriptions of significant capital asset and long-term liability activity including:
    • Commitments made for capital expenditures
    • Changes in credit ratings and debt limitations that may affect financing of planned activities
Glenn Hegar
Texas Comptroller of Public Accounts
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