Wis. Admin. Code § Tax 16.03 — Definitions

Tax 16.03(1) (1) “General purpose financial statements”are those financial statements, including disclosure notes, necessary to fairly present financial position and operating results and changes in financial position of the proprietary fund types in conformity with generally accepted accounting principles. They are listed as follows:

Tax 16.03(1)(a) (a) Combined balance sheet - all fund types and account groups.

Tax 16.03(1)(b) (b) Combined statement of revenues, expenditures and changes in fund balances - all governmental fund types and similar trust funds.

Tax 16.03(1)(c) (c) Combined statement of revenues, expenditures and changes in fund balances - budget and actual - general and special revenue fund types and similar governmental fund types for which annual budgets have been legally adopted.

Tax 16.03(1)(d) (d) Combined statement of revenues, expenses and changes in retained earnings or equity - all proprietary fund types and similar trust funds.

Tax 16.03(1)(e) (e) Combined statement of changes in financial position - all proprietary fund types and similar trust funds.

Tax 16.03(1)(f) (f) Notes to the financial statements.

Tax 16.03(2) (2) “Generally accepted accounting principles” means those governmental accounting and financial reporting principles promulgated by the governmental accounting standards board or its successor bodies.

Tax 16.03(3) (3) “Generally accepted auditing standards” means those standards approved and adopted by the membership of the American Institute of Certified Public Accountants.

Tax 16.03(4) (4) “Local aid programs” means the following:

Tax 16.03(4)(a) (a) State shared revenues.

Tax 16.03(4)(b) (b) Federal revenue sharing.

Tax 16.03(4)(c) (c) Local transportation aids.

Tax 16.03(4)(d) (d) State payments for municipal services.

Tax 16.03(5) (5) “Local government” means a town, village, city or county.

Tax 16.03(6) (6) “Schedules” means a financial presentation used to provide detailed information supporting general purpose financial statements in conformity with the provisions of this chapter.