Government financial statements are annual

financial statements Financial statements (or financial reports) are formal records of the financial activities and position of a business, person, or other entity. Relevant financial information is presented in a structured manner and in a form which is easy to un ...

or reports for the year. The financial statements, in contrast to budget, present the revenue collected and amounts spent. The government financial statements usually include a statement of activities (similar to an income statement in the private sector), a balance sheet and often some type of reconciliation.

Cash flow statement In financial accounting, a cash flow statement, also known as ''statement of cash flows'', is a financial statement that shows how changes in balance sheet accounts and income affect cash and cash equivalents, and breaks the analysis down to op ...

s are often included to show the sources of the revenue and the destination of the expenses.

Specific countries and jurisdictions

India

The Annual Financial Statement of India is tabled in the

Indian Parliament The Parliament of India (IAST: ) is the supreme legislative body of the Republic of India. It is a bicameral legislature composed of the president of India and two houses: the Rajya Sabha (Council of States) and the Lok Sabha (House of t ...

by the

Finance Minister A finance minister is an executive or cabinet position in charge of one or more of government finances, economic policy and financial regulation. A finance minister's portfolio has a large variety of names around the world, such as "treasury", ...

on the Budget Day. 13-15 other documents are also released in the Parliament along with the actual Statement. Briefly divided into three parts, namely-

Consolidated Fund In many states with political systems derived from the Westminster system, a consolidated fund or consolidated revenue fund is the main bank account of the government. General taxation is taxation paid into the consolidated fund (as opposed ...

Contingency Fund A contingencies fund or contingency fund is a fund for emergencies or unexpected outflows, mainly economic crises. European Union The European Union created a vast contingency fund in 2010 to counteract the Great Recession. India The Constituti ...

and Public Account, the Statement comprises the receipts and expenditure incurred by the Government on each part.

United Kingdom

The UK

Government A government is the system or group of people governing an organized community, generally a state. In the case of its broad associative definition, government normally consists of legislature, executive, and judiciary. Government i ...

publishes annual accounts for the whole of government. It aims are to provide more complete data for fiscal planning by producing consolidated

. The accounts are produced in accordance with the

International Financial Reporting Standards International Financial Reporting Standards, commonly called IFRS, are accounting standards issued by the IFRS Foundation and the International Accounting Standards Board (IASB). They constitute a standardised way of describing the company's f ...

and independently audited by the Comptroller and Auditor General.

United States

In the United States, financial reporting in the

federal government A federation (also known as a federal state) is a political entity characterized by a union of partially self-governing provinces, states, or other regions under a central federal government ( federalism). In a federation, the self-gover ...

(national) must be in accordance with the Chief Financial Officer Act. The elements of financial reports are regulated by

Office of Federal Financial Management The Office of Federal Financial Management (OFFM) is a component of the United States Office of Management and Budget (OMB), which is part of the Executive Office of the President of the United States The Executive Office of the President (EO ...

. At the state and local level of the United States, the Government Accounting Standards Board (GASB) make the accounting and financial rules. A major change came in June 1999 when GASB introduced accrual and consolidated rules with fund accounting taking a secondary role.

References

Transition to Accrual Accounting -- IMF Technical Guidance Note, Abdul Khan, IMF, 2007

International Federation of Accountants The International Federation of Accountants (IFAC) is the global advocacy organization for the accountancy profession; mainly for the financial accounting and auditing professions. Founded in 1977, IFAC has more than 175 members and associates i ...

(IFAC) * ttp://economictimes.indiatimes.com/news/economy/policy/budget-2012-et-in-the-classroom-explains-the-process/articleshow/12226325.cms Budget Explained by The Economic Times

Financial statements Financial statements (or financial reports) are formal records of the financial activities and position of a business, person, or other entity. Relevant financial information is presented in a structured manner and in a form which is easy to un ...

Financial statements Government finances {{econ-policy-stub