Section 8 of the State Finance Law requires the Comptroller to prepare periodic financial reports in accordance with GAAP.

GASB Statements and Interpretations are the main sources for GAAP guidance. GASB Statements and Interpretations are periodically incorporated in the Codification of Governmental Accounting and Financial Reporting Standards (GASB Codification). Specific applicable principles are referenced in the topical sections of this chapter. References may be to GASB Codification sections, GASB Statements and/or GASB Interpretations.

Note that in December 2010, the GASB issued Statement 62, Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements. This Statement incorporates into the GASB’s authoritative literature certain accounting and financial reporting guidance that is included in the following pronouncements issued on or before November 30, 1989, which does not conflict with or contradict GASB pronouncements:

1. Financial Accounting Standards Board (FASB) Statements and Interpretations;
2. Accounting Principles Board Opinions; and
3. Accounting Research Bulletins of the American Institute of Certified Public Accountants’ (AICPA) Committee on Accounting Procedure.

Guide to Financial Operations

REV. 01/01/2017