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Financial Accounting for Local and State School Systems: 2009 Edition
NCES 2009-325
June 2009

Exhibit 9.  Important distinctions between MD&A and letter of transmittal
MD&A   Letter of transmittal
Presented as part of the financial chapter in the Comprehensive Annual Financial Report   Presented as part of the introductory chapter in the Comprehensive Annual Financial Report
Must present only topics required by GASB Statement 34   Not limited to topics described in GASB standards
Provides a summary and analysis of the government’s overall financial position and operations   Not applicable
Highly structured and requires information only on currently known facts, conditions, or decisions   Provides an opportunity to discuss future plans
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National Center for Education Statistics -
U.S. Department of Education