OAR 162-010-0050
Financial Statements

(1)

The GASB is recognized as the standard-setting authority 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, notes thereto, and supporting information consistent with GASB Statements and Interpretations and the hierarchy of GAAP applicable to state and local governments established by the AICPA and adopted by GASB.

(2)

Since the focus of accounting in a governmental unit is the individual fund, the financial statements to be presented in the municipal corporation’s annual report must also include nonmajor fund combining statements and individual fund statements/schedules.

(3)

Compliance with municipal audit law includes financial statements prepared on the cash basis of accounting.

(4)

If information necessary to prepare the financial statements, or any of them individually, is not readily available or is not maintained by the municipal corporation appropriate disclosure must be made in the auditor’s report.

Source: Rule 162-010-0050 — Financial Statements, https://secure.sos.state.or.us/oard/view.action?ruleNumber=162-010-0050.

162–010–0000
Preface 162–010–0010
Definitions 162–010–0020
General Requirements 162–010–0030
Contracts 162–010–0050
Financial Statements 162–010–0115
Required Supplementary Financial Information (RSI) 162–010–0120
Supplementary Financial Information (SI) 162–010–0130
Schedule of Revenues, Expenditures/Expenses, and Changes in Fund Balances/Net Assets/Net Position, Budget and Actual (Each Fund) 162–010–0140
Schedule of Accountability for Independently Elected Officials 162–010–0190
Other Financial or Statistical Information (OI) 162–010–0200
Independent Auditor’s Review of Fiscal Affairs 162–010–0230
Accounting Records and Internal Control 162–010–0240
Public Fund Deposits 162–010–0250
Indebtedness 162–010–0260
Budget 162–010–0270
Insurance and Fidelity Bonds 162–010–0280
Programs Funded from Outside Sources 162–010–0295
Highway Funds 162–010–0300
Investments 162–010–0310
Public Contracts and Purchasing 162–010–0315
State School Fund 162–010–0316
Public Charter Schools 162–010–0320
Other Comments and Disclosures 162–010–0330
Extensions of Time to Deliver Audit Reports

Last Updated

Jun. 8, 2021

Rule 162-010-0050’s source at or.us

Stay Connected

Join thousands of people who receive monthly site updates.

Get Legal Help

The Oregon State Bar runs a service for finding an attorney in good standing. Initial consultations are usually free or discounted: Lawyer Referral Service

Committed to Public Service

We will always provide free access to the current law. In addition, we provide special support for non-profit, educational, and government users. Through social entrepreneurship, we’re lowering the cost of legal services and increasing citizen access.

Navigate

California:	Codes
Colorado:	C.R.S.
Nevada:	NRS
New York:	Laws
Oregon:	OAR, ORS
Texas:	Statutes
World:	Rome Statute, International Dictionary

Location: https://oregon.public.law/rules/oar_162-010-0050

Original Source: Rule 162-010-0050 — Financial Statements, https://secure.sos.state.or.us/oard/view.action?ruleNumber=162-010-0050 (last accessed Jun. 8, 2021).