Or. Admin. R. 162-040-0020

Current through Register Vol. 63, No. 8, August 1, 2024

Section 162-040-0020 - Financial Statements

The GASB is recognized as the standard-setting body of GAAP for state and local governments. As such, fair presentation of financial position and results of operations in conformity with GAAP for Oregon municipal corporations are those financial statements and notes thereto consistent with GASB Statements and Interpretations and the hierarchy of GAAP applicable to state and local governments. (2) The focus of accounting in an Oregon governmental unit is the individual fund. Therefore, the financial statements to be reviewed in accordance with these administrative rules, and upon which the accountant is to express limited assurance, should include the nonmajor combining and individual fund financial statements and schedules, whether presented as basic, required supplementary information (RSI) or supplementary information (SI).

Or. Admin. R. 162-040-0020

SD 6-1981, f. & ef. 9-1-81; DOA 2-1991, f. 3-8-91, cert. ef. 7-1-91, Renumbered from 165-040-0020; DOA 1-1996, f. 4-10-96, cert. ef. 6-1-96; AUDIT 2-2007, f. 6-7-07, cert. ef. 6-30-07; AUDIT 2-2010, f. 3-23-10, cert. ef. 4-1-10; AUDIT 1-2012, f. 2-9-12, cert. ef. 4-1-12; AUDIT 3-2015, f. & cert. ef. 8/19/2015; AUDIT 1-2023, amend filed 10/31/2023, effective 1/1/2024

Statutory/Other Authority: ORS 297.465

Statutes/Other Implemented: ORS 297.465