GASB Issues Statement on Fund Balance Reporting and Governmental Fund Type Definitions (Part 1 of 2)

Loyd, D. Scot; Crawford, Michael A.
April 2009
Governmental GAAP Update Service;4/30/2009, Vol. 9 Issue 8, p1
Trade Publication
The article focuses on the statement on Fund Balance Reporting and Governmental Fund Type Definitions (GASB-54) issued by the Governmental Accounting Standards Board (GASB) in March 2009 in the U.S. It outlines several goals of the GASB-54 including to improve the consistency in reporting fund balance components, improve the usefulness of fund balance information, and to clarify the definitions of the governmental fund types.


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