GAAP Guidance

Throughout the year the Commonwealth 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 Comprehensive Annual Financial Report (Annual 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.

Component Unit Guidance

Component Unit Guidance FY2021 (7/12/2021) 

GAAP Guidance

FY2021-21: Fiscal Year 2021 GAAP Instructions (6/10/2021)

Capital (Fixed) Assets Policies (6/20/2016)


GASB Standards 

FY2009-28: GASB Statement No. 49 Implementation - Accounting and Financial Reporting for Pollution Remediation Obligations (2/7/2011)

CTR Memo FY2010-22: GASB Statement No. 51 Implementation - Accounting and Financial Reporting for Intangible Assets (4/5/2010)


Higher Education 

FY2021-26: Fiscal Year 2021 Higher Education Audit Guidance (7/9/2021)