What are the two basis types for accounting for government fund financial statements?
Governmental funds are accounted for using the modified accrual and current resources measurement focus:
You might also be interested in...
What is a fund and what are the three types under government accounting?
Fund financial statements have different rules and should be presented separately for the three their respective basis for accounting. Reporting requirements will include both fund-based and government-wide financial statements (aka consolidated financial statements), supported by notes to the financial statements as well as supporting notes to the financial statements and required supplementary information. The 3 […]
What are examples of deferred outflow of resources under GASB?
Under GASB, a deferred outflow of resources is a consumption of net assets by the government that is applicable to a future reporting period. Examples of deferred outflow of resources include:
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: