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GASB GAAP #3
o Fund financial statements: • Governmental Funds
– Current financial resources measurement focus/modified accrual basis of accounting – General fund, special purpose funds, debt services funds, capital projects funds, permanent funds – Focus on major fund – Balance sheet
– Statement of revenues, expenditures, and changes in fund balances – Required reconciliations to government-wide financial statements
• Proprietary Funds
– Economic resources measurement focus/full accrual basis of accounting – Enterprise funds & internal service funds – Focus on major fund – Statement of net position – Statement of revenues, expenses and changes in net position – Statement of cash flows
• Fiduciary Funds
– Resources held by the government in a trust or agency capacity – Trust funds and agency funds – Statement of fiduciary net position – Statement of change in fiduciary net position
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Financial Statements Elements #1
• Elements of statement of financial position (aka balance sheet):
o Assets are resources with present service capacity that the government presently controls. o Liabilities are present obligations to sacrifice resources that the government has little or no discretion to avoid. o A deferred outflow of resources is a consumption of net assets by the government that is applicable to a future reporting period. o A deferred inflow of resources is an acquisition of net assets by the government that is applicable to a future reporting period. o Net position is the residual of all other elements presented in a statement of financial position. (A resource , which in the governmental context is an item that can be drawn on to provide services to the citizenry)
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