Federal principal financial statements are required under OMB Circular A-136 and FASAB standards. They include:
Statement of Budgetary Resources (SBR)
Balance Sheet
Statement of Net Cost
Statement of Changes in Net Position
Statement of Custodial Activity (if applicable)
There is no “Statement of Cash Flows” or “Statement of Net Income” in federal accounting — those are private-sector financial statements.
Relevant References:
OMB Circular A-136
FASAB SFFAS No. 53 – Principal Financial Statements
Treasury Financial Manual (TFM) Volume I
Answer: B. Statement of Budgetary Resources
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