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  • How does GASB define financial statement component outflow of resources?

    Under GASB, an outflow of resources is a consumption of net assets by the government that is applicable to the reporting period. The full set of financial statement definitions under GASB are listed below: Some examples of deferred outflow of resources include:

  • 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:

  • 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: