Get the free Statewide Financial Statements

RON DESANTIS GovernorCORD BYRD Secretary of StateOctober 9, 2024James Ross Chief Legal Counsel Department of Financial Services 200 East Gaines Street J. Edwin Larson Bldg. Tallahassee, Florida 32399Dear

How to fill out statewide financial statements

How to fill out statewide financial statements

1. Gather all financial records for the state, including income, expenses, assets, and liabilities.
2. Determine the reporting period for which the financial statements are being prepared.
3. Organize financial data into relevant categories such as revenues, expenditures, and fund balances.
4. Use the appropriate format as prescribed by the Governmental Accounting Standards Board (GASB) for statewide financial statements.
5. Fill out the statement of net position, detailing assets, deferred outflows, liabilities, and deferred inflows.
6. Complete the statement of activities, summarizing revenues and expenditures.
7. Include notes to the financial statements to provide additional context and explanations.
8. Review and ensure all information is accurate and complies with state and federal guidelines.
9. Obtain necessary approvals from relevant authorities before finalizing the statements.
10. Publish the financial statements and make them accessible to the public.

Who needs statewide financial statements?

1. State government officials for budget planning and resource allocation.
2. Policymakers to gauge the financial health of the state.
3. Auditors for compliance and financial audits.
4. Investors and creditors to assess creditworthiness and investment potential.
5. Citizens to understand the state's financial position and management.

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What is statewide financial statements?

Statewide financial statements are summary reports that provide an overview of the financial activities and position of a state's government, including revenues, expenditures, assets, and liabilities.

Who is required to file statewide financial statements?

Typically, state agencies, departments, and sometimes local governments are required to file statewide financial statements as part of the state's overall financial reporting process.

How to fill out statewide financial statements?

To fill out statewide financial statements, entities must gather financial data from their accounting systems, follow specific guidelines provided by regulatory authorities, and ensure all required sections are completed accurately.

What is the purpose of statewide financial statements?

The purpose of statewide financial statements is to provide transparency and accountability for government financial activities, facilitate informed decision-making, and ensure compliance with statutory financial reporting requirements.

What information must be reported on statewide financial statements?

Information that must be reported includes revenues, expenditures, assets, liabilities, fund balances, and any other pertinent financial data that reflects the financial health and activities of the state.