How does GASB define liabilities?
Under GASB, liabilities are present obligations to sacrifice resources that the government has little or no discretion to avoid. The definition under GASB aligns closely with the definition under U.S. GAAP. The full set of financial statement definitions under GASB are listed below:
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How does GASB define assets?
Under GASB, assets are resources with present service capacity that the government presently controls. The definition under GASB means essentially the same thing as it does under U.S. GAAP. The full set of financial statement definitions under GASB are listed below:
What are the financial reporting characteristics according to GASB?
Similar to qualitative characteristics reported under U.S. GAAP, government entities will report characteristics that are qualitative in nature under the Government Accounting Standards Board (GASB) principles. These characteristics include:
What are the key financial statement items in government financial statements under GASB?
Government financial statements use different terms than what you would see in financial statements for companies that follow U.S. GAAP. The key financial statement terms under GASB are assets, liabilities, outflow of resources, inflow of resources, deferred outflow of resources, deferred inflow of resources, and net position. Explanations for each item is below: