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Fiscal Year Memo 2024-20: GAAP Instructions

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This memo provides guidance to departments on reporting Fiscal Year 2024 year-end activity and obligations, in accordance with Generally Accepted Accounting Principles (GAAP), to the Office of the Comptroller (CTR). CTR is responsible for publishing the annual financial reports of the Commonwealth. It is important that information about Commonwealth revenues, receivables, expenditures, obligations, and assets owned is reported consistently and uniformly to meet financial reporting requirements. To facilitate timely preparation of the FY2024 Annual Comprehensive Financial Report (ACFR), the due date for submitting the GAAP package is Friday, August 16, 2024. The decentralized department supplement (for DMH, DMR, and DPH) to the GAAP Instructions are now included with this fiscal year memo as, Attachment B. All attachments to this letter can also be found on the CTR website under GAAP Instructions.