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The GAAP acronym on a spreadsheet

Throughout the year the Commonwealth of Massachusetts accounts for its financial operations on the statutory basis of accounting, often referred to as the “budgetary basis”. The Commonwealth’s budget and the statutory basis financial statements follow the accounting principles defined by Massachusetts law.

For its Annual Comprehensive Financial Report, the Commonwealth reports on the basis of Generally Accepted Accounting Principles (GAAP) as defined for governments by the Governmental Accounting Standards Board. These instructions assist departments in preparing the GAAP departmental information included in the Annual Report.

GAAP Instructions

General instructions on submitting financial reports. Updated for Fiscal Year 2023.

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Institutes of Higher Education Guidance

This guide complements the Governmental Accounting Standards Board (GASB) Statement 35 Implementation Guide which is documented in various other policies and procedures. This guide relates to the Commonwealth’s preparation of its Annual Comprehensive Financial Report for FY2023.

Institutes of Higher Education Guidance

The purpose of this memo is to advise the Institutions of Higher Education as to accounting and reporting guidance for FY2023.

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Attachment A: Independence Letter

The audited financial statements for all institutions must be transmitted to CTR with this attachment.

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Attachment B: Draft Reconciliation of Financial Statements to MMARS

Use this sheet to define where revenues and expenditures are recorded.

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Attachment C: Higher Education Wdesk Guide

Complete and submit HE-2 and HE-4 worksheets

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Attachment HE-1: Contact Survey

List the contact information for key contacts at your institution using this spreadsheet.

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Wdesk

Complete and submit HE-2 and HE-4 worksheets

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Wdesk Video Guide

Watch a video on Wdesk [Login required]

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Component Unit Guidance

Component Unit Guidance

This document provides guidance for the preparation and submission of component unit and related organization financial statements/templates, attachments, and other supplemental information.

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Policies

CTR Policies pertaining to GAAP reporting

Accounting and Management
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Capital Assets Acquisition
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Impairment of Capital or Other Assets and Insurance Recoveries
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Related Content

Annual Comprehensive Financial Report

View the Annual Comprehensive Financial Reports for the Commonwealth of Massachusetts

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GASB Pronouncements

Read pronouncements from the Governmental Accounting Standards Board (GASB)

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GAAP Reporting Wdesk Guide and Help

How to get to GAAP Reporting Transmittal in Wdesk

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