{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

GASB 54 - Fund Balance Classifications

GASB 54 - Fund Balance Classifications - GASB 54 Fund...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
GASB 54 - Fund balance classifications (effective for periods beginning after June 15, 2010) GASB 54 provides guidance on how fund balances should be segregated in the financial statements. Note that fund balances are segregated into nonspendable, restricted, committed, assigned and unassigned balances: - Nonspendable fund balance classification o Includes amounts that cannot be spent because they are either not in spendable form, or they are legally or contractually required to be maintained intact. o Items that are not in spendable form are those that are not expected to be converted to cash, such as inventories and prepaid amounts. o Also includes the noncurrent portion of long-term receivables and property held for resale unless proceeds are restricted, committed or assigned, and amounts that must be maintained intact legally or contractually, such as the principal of a permanent fund. - Restricted fund balances o Restricted by agreement with creditors, grantors, or by law and regulation.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}