Agreements to purchase commodities are recognized as liabilities if a probable and measurable loss is expected. Statement of Changes in Net Position. One of the basic financial statements for agencies and for the consolidated statements is a Statement of Net costs. Each reporting entity must accumulate and report the costs of its activities on a regular basis. Each entity should establish responsibility segments, and managerial cost accounting should be used to report on the cost of each segment's outputs.
Full costs are to be reported in general purpose financial reports.
Full costs include direct and indirect costs. Each entities full costs include not only costs incurred by the entity but costs incurred by other entities as well. Costing methodology is addressed by indicating that output be measured in units, where possible, and that appropriate costing methodologies and cost findings techniques be applied to fit the circumstances and applied consistently. B. Full costs include both direct and indirect costs. B. Office of Management and Budget.