ACIS+4124_5124+Fund+Balance+Reporting+Govt+Fund

ACIS+4124_5124+Fund+Balance+Reporting+Govt+Fund - ACIS...

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1 ACIS 4124/5124 Fund Balance Reporting for Governmental Funds
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2 Fund Balance GASB Statement 54 affects reporting of fund balance information for the governmental funds. The following fund balance classifications must be used: Nonspendable Restricted Committed Assigned Unassigned
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3 Fund Balance Classifications The fund balance classifications provide a hierarchy indicating the extent to which the government is bound by constraints on the specific uses of resources. Constraints become tighter as designation increases from unassigned to assigned to committed or to restricted.
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4 Nonspendable Fund Balance Amounts that cannot be spent because: they are not in spendable form Inventory, prepaid amounts, some long-term receivables and property held for resale in General Fund only they are legally or contractually required to remain intact The nonexpendable corpus in Permanent Funds
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5 Restricted Fund Balance Amounts constrained to specific purposes by
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ACIS+4124_5124+Fund+Balance+Reporting+Govt+Fund - ACIS...

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