2/21/25
Financial Statements Elements #2 • Elements of resource flows statement (aka income sheet): o An outflow of resources (expenditures) is a consumption of net assets by the government that is applicable to the reporting period. o An inflow of resources (revenues) is an acquisition of net assets by the government that is applicable to the reporting period.
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Measurement #1 • Measurement is the act or process of determining a value for the elements presented in financial statements. • Measurement approaches: o Initial Amount – the transaction price or amount assigned when an asset was acquired or a liability was incurred, including subsequent modifications to that price or amount that are derived from the amount at which the asset or liability was initially reported. o Remeasurement Amount – the amount assigned when an asset or liability is remeasured as of the financial statement date
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