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 fund type categories include governmental funds, proprietary funds, and fiduciary funds:
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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:
What are the main professional standard setting bodies for accounting and financial statements?
If the entity is for profit or a non-for-profit, then the Financial Accounting Standards Board (FASB) determines the rules. If the entity is governmental, then the Government Accounting Standards Board (GASB) determines the rules.