Government financial statements are annual financial statements or reports for the year. The financial statements, in contrast to budget, present the revenue collected and amounts spent. The government financial statements usually include a statement of activities (similar to an income statement in the private sector), a balance sheet and often some type of reconciliation. Cash flow statements are often included to show the sources of the revenue and the destination of the expenses.
6-510: An Annual Comprehensive Financial Report (ACFR) , formerly called a Comprehensive Annual Financial Report (CAFR)) is a set of U.S. government financial statements comprising the financial report of a state, municipal or other governmental entity that complies with the accounting requirements promulgated by the Governmental Accounting Standards Board (GASB). The name of the report was changed in 2021 when
12-674: Is tabled in the Indian Parliament by the Finance Minister on the Budget Day. 13-15 other documents are also released in the Parliament along with the actual statement. Briefly divided into three parts, namely Consolidated Fund , Contingency Fund and Public Account , the statement comprises the receipts and expenditure incurred by the government on each part. The UK Government publishes annual accounts for
18-795: The Chief Financial Officer Act . The elements of financial reports are regulated by the Office of Federal Financial Management . At the state and local level of the United States, the Government Accounting Standards Board (GASB) make the accounting and financial rules. A major change came in June 1999, when GASB introduced accrual and consolidated rules with fund accounting taking a secondary role. This economic policy related article
24-650: The Federal Accounting Standards Advisory Board (FASAB). An ACFR is compiled by a state, municipal or other governmental accounting staff and audited by an external American Institute of Certified Public Accountants (AICPA) certified accounting firm utilizing GASB requirements. It is composed of three sections: Introductory, Financial and Statistical. It combines the financial information of fund accounting and Enterprise Authorities accounting. Government financial statements The Annual Financial Statement of India
30-624: The Government Finance Officers Association determined that, when spoken, the acronym for "Comprehensive Annual Financial Report" sounded like an offensive slur used in South Africa (see Kaffir ) and decided to change the report's name. GASB provides standards for the content of an ACFR in its annually updated publication Codification of Governmental Accounting and Financial Reporting Standards . The U.S. Federal Government adheres to standards determined by
36-570: The whole of government. It aims to provide more complete data for fiscal planning by producing consolidated financial statements . The accounts are produced in accordance with the International Financial Reporting Standards and independently audited by the Comptroller and Auditor General . In the United States, financial reporting in the federal government (national) must be in accordance with
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