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What are the regulations related to reporting of fund balances under GASB 54?

GASB 54 identifies regulations related to the reporting of fund balances and their respective components. Additionally, this guidance identifies any constraints on resources as well as the sources of those constraints.

Fund balances should be reported based on the perception of the applicable resources that pertain to the given fund balance by applying classifications that comprise of a hierarchy that is fundamentally based on the extent to which the government is assured.

The 5 components are unassigned fund balance, nonspendable fund balance, assigned fund balance, restricted fund balance, and committed fund balance.

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