OAR 162-040-0020: Financial Statements

(1) The Governmental Accounting Standards Board (GASB) is recognized as the standard-setting body of GAAP for state and local governments. As such, Oregon municipal corporation financial statements and related notes presented in conformity with GAAP are those 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 prepared in accordance with these administrative rules, and subject to the accountant’s procedures, should include the nonmajor combining and individual fund financial statements and schedules, whether presented as basic, required supplementary information (RSI) or supplementary information (SI). (3) Financial statements presented in accordance with these minimum standards should be clearly identified as unaudited.