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Financial Report State of Indiana Form
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People also ask
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What is the difference between AFR and CAFR?
AFR vs. The AFR essentially is a budgetary document that uses fund definitions set in state law and cash accounting. The CAFR is an accounting document that uses fund definitions from the Governmental Accounting Standards Board and accrual accounting (generally accepted accounting principles, or GAAP).
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How much debt is the state of Indiana in?
In the fiscal year of 2022, Indiana's state debt stood at about 26.61 billion U.S. dollars. Comparatively, the state's debt was approximately 7.89 billion U.S. dollars in 2000. The national debt of the United Stated can be found here.
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Does Indiana have a surplus of money?
“That common sense discipline ensured that Indiana was able to maintain a $421.2 million annual surplus and total combined balances in our general fund reserves at $2.5 billion,” Habig said. “Our vision is to ensure that Indiana's priorities are funded not just today, but also tomorrow.”
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How much money does Indiana have in reserve?
Indiana State Comptroller Elise Nieshalla discussed the state's fiscal closeout during a press conference on July 23, 2024. Indiana closed the books on its fiscal year with more than $2.5 billion dollars in reserve, the lowest amount since the pandemic.
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What is the purpose of the ACFR?
The ACFR supplements the basic financial statements with: Introductory information. Information on individual funds and discretely presented component units. Schedules necessary to demonstrate compliance with finance-related legal and contractual provisions.
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What is the purpose of the annual financial report?
The purpose of the annual report is to provide stakeholders, such as shareholders, investors, and employees, with a clear and concise overview of the company's performance and operations. It is also an important tool for communicating with these stakeholders and building trust and credibility with them.
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What is a comprehensive financial statement?
A statement of comprehensive income, which covers the same period as the income statement, reflects net income as well as other comprehensive income, the latter being unrealized gains and losses on assets that aren't shown on the income statement.
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What is the annual comprehensive financial report?
An ACFR is compiled by a state, municipal or other governmental accounting staff and audited by an external American Institute of Certified Public Accountants (AICPA) certified accounting firm utilizing GASB requirements. It is composed of three sections: Introductory, Financial and Statistical.
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