Tennessee Completes Annual Financial Report
NASHVILLE, Tenn. – The state of Tennessee has completed its annual financial report for fiscal year 2020-21. The Annual Comprehensive Financial Report (ACFR) is prepared by the Department of Finance and Administration Division of Accounts, in accordance with Generally Accepted Accounting Principles (GAAP) applicable to governments as prescribed by the Governmental Accounting Standards Board (GASB). The report is a thorough and detailed presentation of the state's financial condition, providing financial transparency and accountability.
“Reliable, useful and timely financial and performance information provides fiscal transparency and a basis for future decisions on the direction of state policies and programs,” Division of Accounts Director Mike Corricelli said. “Important information on revenues, costs, assets and liabilities of current and recent fiscal years helps citizens understand current fiscal policy and the sustainability of programs and initiatives as we plan for the state’s future.”
The state’s 2020 ACFR received the Government Finance Officers Certificate of Achievement for Excellence in Financial Reporting for the 41st year, which is the most any state has been awarded. The award is the highest form of recognition in governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management.
The report consists of three sections:
- The Introductory section orients and guides the reader through the report.
- The Financial section presents the entity’s basic financial statements as well as notes to the statements and the independent auditors’ report.
- The Statistical section provides additional financial and statistical data, including data about financial trends that may better inform the reader about the government’s activities.
Auditors from the Comptroller of the Treasury examined the financial statements and issued an unmodified opinion on the state’s basic financial statements. The independent auditor’s report is located at the front of the report.
ACFR reports dating back to 1997 are available electronically on the state’s website at https://www.tn.gov/finance/rd-doa/fa-accfin-ar.html.