Section Tax 16.03 - Definitions(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: (a) Combined balance sheet - all fund types and account groups.(b) Combined statement of revenues, expenditures and changes in fund balances - all governmental fund types and similar trust funds.(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.(d) Combined statement of revenues, expenses and changes in retained earnings or equity - all proprietary fund types and similar trust funds.(e) Combined statement of changes in financial position - all proprietary fund types and similar trust funds.(f) Notes to the financial statements.(2) "Generally accepted accounting principles" means those governmental accounting and financial reporting principles promulgated by the governmental accounting standards board or its successor bodies.(3) "Generally accepted auditing standards" means those standards approved and adopted by the membership of the american institute of certified public accountants.(4) "Local aid programs" means the following: (a) State shared revenues.(b) Federal revenue sharing.(c) Local transportation aids.(d) State payments for municipal services.(5) "Local government" means a town, village, city or county.(6) "Schedules" means a financial presentation used to provide detailed information supporting general purpose financial statements in conformity with the provisions of this chapter.Wis. Admin. Code Department of Revenue Tax 16.03
Cr. Register, February, 1985, No. 350, eff. 3-1-85; correction in (2) made under s. 13.93(2m) (b) 6, Stats., Register, March, 1989, No. 399.