Government-Wide
Financial Reporting
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Level One Financial
Statements
Accrual Basis of Accounting
Economic Resources
Measurement Focus
General Government Fixed
assets and long-term debt
are reported in these
statements
Financial Statements

Statement of Net Assets
• Separate columns for Governmental
Activities, Business-Type Activities,
Totals, and Discretely Presented
Component Units (p. 236)
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Statement of Activities (p. 238)
• Separate columns for expenses,
program revenues, and net (expense)
revenue for Governmental Activities
and Business-Type Activities
GW Reporting
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Reporting Peculiarities
• GFA and GLTD included and reported only on
GW financial statements
• Depreciation of GFA recorded in GW Statement
of Activities only
• Enterprise Fund activities flow through to
business-type activities on GW Statements
• Internal Service Fund activities flow through to
governmental activities on GW Statements
Reporting, Continued
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Internal Service Fund inter-fund (p.
234) transactions must be eliminated
before put on GW financial statements
If the government has only businesstype activities, then they prepare only
Fund financial statements
Fiduciary Funds are not a part of GW
Financial Statements
Reporting, Continued
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General Fixed Assets are reported as
Capital Assets, net of Depreciation
Net Asset breakdown is
• Invested in Capital Assets, Net of
Related Debt
• Restricted (Covenants or Law)
• Unrestricted
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General LTD reported in GW
Statement of Net Assets
Reporting, Continued
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Reconciliation items
• GFA and GLTD
• Deferred Revenue
• Unrecorded Liabilities (Compensated
absences other than current period)
• Special items such as sale of land
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What is reconciled
• Fund balances Govt Funds to Net Assets
• Ch in FB Govt Funds to Ch in Net Assets
Reporting, Continued

Reconciliation Schedule is reported
• Face of Fund Financial Statements, or
• Notes to Financial Statements

Infrastructure must be capitalized and
reported with other fixed assets
• Retrospectively and Prospectively
• Prospectively only for less than $10
million revenue
GW Reporting
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Collections
• Capitalization encouraged but not
required
• Disclosures required
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Statistical Information
• Schedule of changed in LTD
• Annual DS requirements
• Legal Debt Margin Schedule
Computation of Debt Margin
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Assessed value of property within
jurisdiction (Real and personal)
Apply Debt Limit %
=Debt Limit
All applicable debt (GO Bonds)
Less: Debt service fund assets
Subtract from debt limit (Q 8-3:10)
Schedule of Direct and
Overlapping Debt
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Direct:
• 100% of debt owed by entity (I.e., city)
• Divide by population = Per capita debt
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Overlapping:
• Percentage of assessed valuation of
property in entity to property in
overlapping (I.e., county) entity
• Percentage times total overlapping debt
• Divide by population of city = Per capita