This chapter contains the policies followed by the Office of the State Comptroller (the Comptroller) for preparing the State’s financial reports for the public and the Legislature in accordance with generally accepted accounting principles (GAAP) as prescribed by the Governmental Accounting Standards Board (GASB); the standard-setting body for governmental accounting and financial reporting principles. From time to time, the GASB will issue statements prescribing new or revised accounting and financial reporting requirements. This chapter will be updated as needed to reflect such additions or revisions in GAAP, as well as to reflect changes in State law, administrative or judicial actions and other sources.

The Statewide Financial System (SFS) provides most of the central State Government financial data needed for preparing the financial reports. The Comptroller is authorized to obtain additional reports as necessary from independent and quasi-independent bodies such as public benefit corporations, authorities and research foundations. State agencies also provide additional required financial data to the Comptroller through the Internet-based Agency Financial Reporting Package (AFRP). The AFRP completion process is noted where applicable to specific policies in this chapter.

Any changes or suggestions regarding the content of this chapter should be forwarded in writing for consideration to:

Assistant Director
Bureau of Financial Reporting and Oil Spill Remediation
Office of the State Comptroller
110 State Street, 9th Floor
Albany, NY 12236
Email: [email protected]

Guide to Financial Operations

REV. 01/01/2017