Acton-Boxborough Regional School District Notes to Basic Financial Statements Year Ended June 30, 2024
recognized as an outflow of resources (expense/ expenditure) until then. The District reports deferred outflows of resources for pensions and OPEB in this category. In addition to liabilities, the statement of financial position will sometimes report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net position that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time. The District reports deferred inflows of resources for pensions and OPEB in this category.
Governmental Fund Financial Statements
In addition to liabilities, the governmental funds balance sheet will sometimes report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents assets that have been recorded in the governmental fund financial statements, but the revenue is not available and so will not be recognized as an inflow of resources (revenue) until it becomes available. The District did not have any elements that qualified for reporting in this category. J. Interfund Receivables and Payables During the course of its operations, transactions occur between and within individual funds that may result in amounts owed between funds.
Government-Wide Financial Statements
Transactions of a buyer/seller nature between and within governmental funds are eliminated from the governmental activities in the statement of net position.
Fund Financial Statements
Transactions of a buyer/seller nature between and within funds are not eliminated from the individual fund statements. Receivables and payables resulting from these transactions are classified as “Due from other funds” or “Due to other funds” on the balance sheet.
K. Interfund Transfers
During the course of its operations, resources are permanently reallocated between and within funds. These transactions are reported as transfers in and transfers out.
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