FINANCIAL REPORTING

The Office of Financial Reporting (OFR) plays a critical role in ensuring the accuracy, transparency, and integrity of the State of Mississippi's financial information. As the central authority for statewide financial reporting, OFR provides leadership, oversight, and technical assistance to state agencies in the application of Governmental Generally Accepted Accounting Principles (GAAP) and in fulfilling federal and state financial reporting requirements. 

Key responsibilities of OFR include:

• Preparing the State's Annual Comprehensive Financial Report (ACFR): OFR leads the preparation and publication of the State of Mississippi's ACFR in accordance with GAAP and standards set by the Governmental Accounting Standards Board (GASB). This comprehensive report presents the state's financial condition and operating results, promoting fiscal transparency and accountability.
• Supporting Agency GAAP Compliance: OFR assists state agencies with the preparation of their annual financial statements (GAAP packets), ensuring consistency with statewide accounting policies and alignment with reporting standards.
• Coordinating the Statewide Single Audit: OFR collects and compiles information on federal grant expenditures from all state agencies for inclusion in the Schedule of Expenditures of Federal Awards (SEFA), which forms a key component of the State's Single Audit, in compliance with the Uniform Guidance issued by the Office of Management and Budget (OMB).
• Preparing the Annual Report of Budgetary Basis Expenditures: OFR prepares this supplementary report to reconcile the state's budgetary basis of accounting with the GAAP basis used in the ACFR, providing additional transparency regarding how appropriated funds are spent.
• Providing Training and Technical Assistance: OFR conducts regular training sessions and offers ongoing support to agency financial personnel to enhance understanding of GAAP, accounting procedures, and reporting requirements.

Through these activities, the Office of Financial Reporting ensures that the State of Mississippi's financial reports meet the highest standards of accuracy and accountability, fostering trust among stakeholders, including the public, bondholders, and oversight bodies.