Series 50: Basic Financial Statements

Basic Financial Statements

The CAFR can include up to ten basic financial statements:

• • Two of the statements focus on government-wide finances. These include the:
• » Statement of net assets
• » Statement of activities
• • The rest of the statements focus on major funds. The major fund statements include:
• » Balance sheet
• » Statement of revenue, expenditures, and changes in fund balance
• » Budget-to-actual comparison
• » Statement of net assets
• » Statement of revenues, expenses, and changes in net fund assets
• » Statement of cash flows
• » Statement of fiduciary net assets
• » Statement of changes in fiduciary net assets
• • A fund is a category of a government’s budget where money has been allocated for a specific purpose. According to this allocation, governmental revenue flows into the fund as it is collec