Financial Reporting - Financial Statements

• MD&A
• Basic financial statements
• Required supplementary information

MD&a is a management discussion and analysis. It's a part of an organization's annual financial statements.

The purpose of the MD&A is to provide a narrative explanation, through the eyes of management, of how governmental funds and government wide activities have performed as reported in the government wide statements.

• Government wide statements
• Fund level statements
• Notes to financial statements

Budget to actual comparison

Modified approach: maintain up to date inventory, condition assessment (every 3 years), annual amount to maintain condition, document preservation level (current level or better)

Pension schedules for employer contributions and schedule of funding progress

Other Post Employment Benefits (OPEB) schedule of employer contributions and schedule of funding progress

• CAFR
• Supplemental Information

Economic resources and full accural basis

• Government and business
• The focus is on financial and operational accountability

Fiduciary

Excluded; the focus is on fund balances of the same governmental or business unit.

• Governmental funds
• Proprietary funds
• Fiduciary funds

Government wide financial statements

• Fund balance for government units must tie back
• Net assets for business units must tie back

AND

• Changes in fund balance must tie back
• Changes net assets must tie back

Discretely in a separate column or Blended;

If presented discretely, each major component will have a separate column,

Nonmajor component units will be aggregrated into one column

If Blended, Component Unit's financial statements will be included with the appropriate funds of the primary government

may/may not be