What is gasb65?
65 is the result of GASB’s comprehensive review of common balances or transactions previously reported as assets or liabilities for which the board believes financial reporting needs to change. Statement No. 65 was issued in March of 2012 and will be effective for reporting periods ending on or after December 31, 2013.
What are deferred outflows and deferred inflows?
3. Deferred outflow of resources – a consumption of net assets by the government that is applicable to a future reporting period. For example, prepaid items and deferred charges. 4. Deferred inflow of resources – an acquisition of net assets by the government that is applicable to a future reporting period.
Why are deferred inflows a liability?
Deferrals are not revenues or expenses and are not assets or liabilities, even though they have been reported among assets and liabilities until now. Recognition of revenues and expenses is deferred until the future period to which the inflows and outflows are related.
How do I find my major funds for GASB 34?
Major funds are funds whose revenues, expenditures/expenses, assets, or liabilities (excluding extraordinary items) are at least 10 percent of corresponding totals for all governmental or enterprise funds and at least 5 percent of the aggregate amount for all governmental and enterprise funds.
Is unearned revenue a deferred inflow?
Unavailable Revenue – A deferred inflow of resources that represents amounts earned, but which are not available. These are generally offset by accounts receivable on the GAAP modified accrual basis. Unearned Revenue – A liability that represents amounts received, but not yet earned.
What is resource outflow?
Outflows of resources (i.e., expenses) is a consumption of net assets by the government that is applicable to the current reporting period. Example: debt issuance costs (other than prepaid insurance), etc.
What is the latest GASB?
GASB 91 is effective for fiscal years beginning after Dec. 15, 2021. Additional GASB 91 implementation questions were issued in Implementation Guide 2020-1.
What is the difference between GASB and FASB?
The GASB is one of two boards that establishes GAAP. The other is the Financial Accounting Standards Board (FASB). While the GASB has jurisdiction over financial reporting by governmental entities, the FASB establishes rules for private sector accounting.
What is net position?
Net position. The value of the position subtracting the initial cost of setting up the position. For example, if 100 options where purchased for $1 each and the option is currently trading for $9, the value of the net position is $900 – $100 = $800.
What is the difference between GASB 67 and 68?
While GASB 67 eliminated the practice of asset smoothing in the reporting of pension assets, GASB 68 permits governments to continue a form of it. Governments are permitted to defer the recognition of the difference between the return expected on plan assets and the actual return.
