Policy Reference:

GASB Codification Section 1200 – Generally Accepted Accounting Principles and Legal Compliance, (1200.108-.111 Conflicts between Legal Provisions and GAAP)

Process and Document Preparation:

GAAP basis reporting requires the disclosure of violations of legal and contractual provisions that could have a material impact on the combined financial statements. Where financial statements prepared in conformity with GAAP do not demonstrate finance-related legal and contractual compliance, such additional schedules and narrative explanation should be presented in the ACFR as may be necessary to report legal compliance responsibilities and accountabilities.

Guide to Financial Operations

REV. 09/12/2022