Annual Financial Reports
Accounting policies and practices, publication of official financial reports and oversight of fiscal management functions are the responsibility of the State Comptroller in Massachusetts. The Comptroller also administers the Commonwealth’s annual state single audit and manages the state accounting system. The Commonwealth’s annual reports include financial statements on the statutory basis of accounting (the Statutory Basis Financial Report, or SBFR) and audited financial statements on the GAAP basis (the Comprehensive Annual Financial Report, or CAFR).
The Commonwealth’s operating fund structure satisfies the requirements of state finance law and is in accordance with generally accepted accounting principles (GAAP), as defined by the Governmental Accounting Standards Board (GASB).
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Excellence in Financial Reporting
For more than a decade consecutively, the Commonwealth has received the Certificate of Achievement in Financial Reporting presented by the Government Finance Officers Association of the United States and Canada for its Comprehensive Annual Financial Reports.