The Accounting and Reporting Division is responsible for creating and maintaining the state's general ledger and centralized accounting system. It prepares and publishes reports regarding state fund balances and federal expenditures, approves general ledger transactions, and oversees the recording of the state’s assets. The division researches and makes corrections to documents used in the state accounting system and closes the state's books at the end of the fiscal year on June 30. The division is responsible for creating and publishing the state's Comprehensive Annual Financial Report (CAFR), which is the official report of the state's financial position. Additionally, the division implements new Governmental Accounting Standards Board (GASB) pronouncements for the state.