Basic Financial Statements Sample Clauses

Basic Financial Statements. The basic financial statements are prepared to conform fully to GAAP and must be in full compliance with the pronouncements of the Governmental Accounting Standards Board (GASB) and/or the Financial Accounting Standards Board (FASB), as appropriate. The CPA firm shall provide an independent auditors' report on the examination of the basic financial statements. The CPA firm shall furnish an electronic copy of the basic financial statements to DASNY by June 30. All costs of formulation, and delivery shall be borne by the CPA firm. The basic financial statements shall include the following: a. Management’s Discussion and Analysis b. Statement of Net Position c. Statement of Revenues, Expenses and Changes in Net Position d. Statement of Cash Flows