All of this is typically done on a single page, running from top to bottom. It may then show other changes that are not revenues, expenses, or expenditures (such as capital contributions or other financing sources and uses), before presenting a total change in net assets, fund balance, or some other measure of financial position. It lists revenues and expenses or expenditures, and often calculates the difference between them. Additionally, discretely presented component units-legally separate entities for which the primary government is financially accountable-are shown on the face of the government-wide statements but are not included in the total for the primary government.Ī traditional income or change statement is a fairly straightforward affair. The governmental and business-type activities combine to represent the total primary government. The fiduciary funds (such as pension trusts and agency funds) are not included in the government-wide statements, because the resources they account for do not belong to the government. The government-wide statements organize information by whether it relates to governmental activities or business-type activities.
The government-wide statements bring the financial activity together in one place and report accrual-based economic resources information. But the governmental funds report information use the modified accrual basis and current financial resources measurement focus and generally do not include assets lasting more than one year (such as infrastructure) or liabilities that are not due and payable (such as bonds). For example, the proprietary and fiduciary funds report information use an accrual basis and economic resources measurement focus, including all economic transactions and presenting both long- and short-term consequences. ( See that articlefor a more detailed discussion of what is covered in this overview.) These problems resulted from the fund financial information being spread among multiple financial statements and reported using different bases of accounting. This article explores the statement of activities, its unique design, and the information it contains.Īs described in the article on the statement of net assets, the government-wide financial statements overcome many of the comparability problems encountered by users of the fund financial statements. These statements are significant because they bring together information that previously had been spread among various funds and reported on different accounting bases. 34, Basic Financial Statements-and Management’s Discussion and Analysis-for State and Local Governments. The preceding articlein this issue examined the statement of net assets, one of two accrual-based financial statements introduced by GASB Statement No. Touring the Financial Report, Part II: The Statement of Activities
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