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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 2021.

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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 FY2021.

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 FY2021.

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Independent Audit Memo

(Attachment A)

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Draft Reconciliation of Financial Statements to MMARS

(Attachment B)

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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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PartnerNet

Prepare and submit GAAP packages

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