Government financial statements

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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.

[edit] Specific countries and jurisdictions

[edit] United States

In the United States, financial reporting in the federal government (national) must be in accordance with the Chief Financial Officer Act. The elements of financial reports are regulated by 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 of 1999 when GASB introduced accrual and consolidated rules with fund accounting taking a secondary role.

[edit] References

• Transition to Accrual Accounting -- IMF Technical Guidance Note, Abdul Khan, IMF, 2007
• International Federation of Accountants(IFAC) International Public Sector Accounting Standards (IPSAS) research paper Study 14: Transition to the Accrual Basis of Accounting: Guidance for Governments and Government Entities, 2007

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