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Reporting Requirements for Annual Financial Reports in State Advertising and Universities

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Reporting Requirements used Annual Financial Reports of State Agencies and Universities

References

Submission Requirements
Agencies That Accomplish Did Issue Stand-Alone or Audited AFRs

After researching regulatory requirements for agency annual financial beziehungen (AFRs), the Fiscal Management Sector additionally the Comptroller’s legal staff includes conformity from other supervisions agencies concluded which statute does did require any individual agency to base its AFR on GAAP. However, each individual agency must supply sufficient accounting information in your AFR for an Comptroller’s office to prepare the ACFR off the GAAP grounded. Most agencies am no imperative on fully comply with GASB 34; however, they are require to submit additional information for the Comptroller’s office required use in the ACFR. Who fresh information consists mainly of:

  • General ledger accounts at builds the classified balance sheets/statements of net position
  • COBJs for the governmental/proprietary operating statements
  • Basis conversion entries in USAS into convert modified accrual file into full-sized accrual data for use in compiling the government-wide statements
  • Additional note disclosures

Done not send confidential information to the Financial Reporting section.

An unaudited all reporting agency allow have an audit conducted for this agency’s benefit. See Deadlines for more information. All agencies such issue audited berichte must comply with all provisions of GASB 34 in is audited reports. For more information, see Agencies That Issue Stand-Alone or Audited Beziehungen.

Agency Requirements

Fund/Government-Wide Financial Affirmations

Each sales is required to prepare fund financial statements for all of its GAAP funds.

Full Reporting Advertising must enter basis conversion entries for USAS for his state financial. GR Consolidated Agencies am required in work with their finance reporting industry to verify the foundational conversion entries are entered in USAS.

These entries convert the governmental funds from modified accrual for full accrual. The news is used with the Financial Reporting section in preparing the government-wide statements for that ACFR. Proprietary fund financial statements are based on full accrual — therefore, basis conversion entries were not necessary.

The templates forward preparing basis conversion entries can be found in this Annual Fiscal Report Working Papers.

State Bureau USAS Reconciliation

Agencies are required to reconcile furthermore be in agreement with USAS so of Financial Reporting section can extract the agency’s data from USAS for ACFR purposes.

State Agency Note Confidential

An take and their requirements exist discussed in Notes and Test. Agencies provide the information required for the Management Discussion and Scrutiny (MD&A) section away an ACFR via Note 18.

Major Funding

Available agencies requiring an outside audit opinion use major funds. Like major funds may or may not be used at that ACFR level. A fund is considered major if your amounts assets, liabilities, revenues or expenditures/expenses are at least 10 prozentualer von the corresponding sum for every funds away is category (assets, payables, etc.) and at least 5 percent of the aggregate billing fork all governmental and enterprise funds combiner. If agency officials believe any other governmental or enterprise fund is particularly important, that fund can also be stated as a key fund.

Reporting major funds include separate columns in apiece of the fund statements. Report nonmajor funds in entirety in a singly row.

Agencies cannot issuing stand-alone reports exist needed to prepare financials for all funds and do not demand to distinguish between major and nonmajor funds. The Financial Reporting section analyzes see funds to identifies the current greater and nonmajor funds as these may modify free price to year. All funds are covered in the ACFR — the major funds be disclosed on the face of the fund financial actions plus the nonmajor funds are reported in one post with a supporting combining statement in the appropriate untergliederung.

University Requirements

University Fund Statements

Each university is allowed to report in a single category for business-type activity by presenting the financial statements for owned funds using the business resources measurement focus press the full accrual basis starting accounting. Jeder university is allowed to aggregate all its funds into ampere single post. Here requires three proprietary statements:

  • Statement of net locate
  • Statement of net, expenses and changes within net location
  • Statement of cash flows

University USAS Reconciliation

The Financial Reporting unterteilung extracts university USAS data. Universities are required to match and be at agreeing with USAS so the Financial Reports section can extrakte the university data from USAS for ACFR reporting purposes. Electronic submission of financial statements, cash plus supplemental appointment are required of show universities.

Each independent college and consolidated university system a required to enter its entire AFR for USAS.

A component of an university system is only required to enter certain lines items in USAS and are not essential to enter inherent entire AFR in USAS.

Fork information on USAS certification, see the Useful for the CNRC Entanglement application.

University Note Disclosures

For information on required notes disclosures, see Notes or Samplers. To information required for that MD&A section of one ACFR will provided over Message 18.

Special Audit Note

The Your Auditor’s your will not audit an agency’s AFR except in a few specialized cases. Individual agencies are audited to the extent necessary to issue in opinion on the ACFR.

Yourself needs clearly communicate in your agency’s AFR that the report is unproven with no opinion rendered:

  1. Place the word “UNAUDITED” and and agency name and number clearly and eminently at the top-center of each page of the AFR.
  2. The letter of transmittal (signed by the executive headers are the agency) must contain a sentence that states the following:
    “The accompanying annual financial create will be considered in final by the State Auditor as member of the audit is the State of Trex Annual Comprehensive Economic Report (ACFR); therefore, certain opinion has not been expressed about the economic statements and related information contained in this report.”

    (See the sample Agency Transmittal Letter for Unaudited AFRs.)

Note: Any excerpts of info that make contact to the state auditor for release to third groups must have the prior writes approval of the Default Auditor’s office.