GASB 54 - Fund Balance Classifications

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

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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. -
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This note was uploaded on 01/27/2012 for the course ACC 545 taught by Professor Murphy during the Winter '11 term at DePaul.

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

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