Skip to Main Content

About

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 using PartnerNet. Updated for Fiscal Year 2022.

VIEW PDF

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 FY2022.

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 FY2022.

VIEW PDF
Attachment A: Independence Letter

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

VIEW WORD
Attachment B: Draft Reconciliation of Financial Statements to MMARS

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

VIEW WORD
Attachment HE-1: Contact Survey

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

VIEW SPREADSHEET
Wdesk

Complete and submit HE-2 and HE-4 worksheets

LOG INTO WDESK
Wdesk Video Guide

Watch a video on Wdesk [Login required]

VIEW VIDEO

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.

VIEW PDF

Policies

CTR Policies pertaining to GAAP reporting

Accounting and Management
VIEW ON POWERDMS
Capital Assets Acquisition
VIEW ON POWERDMS
Impairment of Capital or Other Assets and Insurance Recoveries
VIEW ON POWERDMS

Related Content

Annual Comprehensive Financial Report

View the Annual Comprehensive Financial Reports for the Commonwealth of Massachusetts

VISIT PAGE

GASB Pronouncements

Read pronouncements from the Governmental Accounting Standards Board (GASB)

VIEW ON GASB.ORG

PartnerNet

Prepare and submit GAAP packages

ACCESS PARTNERNET