What is an internal service fund under GASB?
Internal Service funds are set up to account for goods and services provided by certain entity departments on a cost-reimbursement fee basis. It is important to note that the funds customers are internal customers.
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What are the different types of governmental funds?
There are five main types of government funds, which includes the general fund, the capital projects fund, the permanent fund, the special revenue fund, and the debt service fund. 1) The General Fund: The General Fund is used to account for ordinary operations of a governmental unit and is financed from taxes as well as...
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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...
What are the different types of governmental funds?
There are five main types of government funds, which includes the general fund, the capital projects fund, the permanent fund, the special revenue fund, and the debt service fund. 1) The General Fund: The General Fund is used to account for ordinary operations of a governmental unit and is financed from taxes as well as...
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...
