GASB – Fund Balance Reporting and Governmental Fund Type培训讲义.ppt

GASB 54 – Fund Balance Reporting and Governmental Fund Type Definitions Lee Carter NCCMT Objectives The participant will be able to identify the key components of GASB 54 The participant will be able to categorize the main effects of the statement on North Carolina local government financial reports The participant will be able to evaluate reporting options for governmental funds Background Part of larger fund equity project (included all types of funds) Governmental fund requirements were more controversial Proprietary and Fiduciary funds separated – became GASB Statement No. 46 Years of work to develop GASB 54 Fund Balance for Governmental Funds Two main categories Nonspendable Spendable Nonspendable Not in spendable form Legally/contractually required to remain intact Examples Inventories/Prepaids Principal of a Permanent Fund Long-term receivables Spendable Fund Balance Fund balance that is in a spendable form and also available for spending Four classifications Restricted Committed Assigned Unassigned Spendable – Restricted Fund Balance Externally-imposed restrictions Grantors Debt covenants Restricted by State Statute Restricted by law through constitutional provisions or enabling legislation External resources Legally enforceable that resources may only be used for specified purposes Spendable – Committed Fund Balance Fund balance that is committed by formal actions of the governing board Formal actions are required to “undo” any limitations placed by formal action (can’t just be appropriations lapsing) Set in place prior to year end, but amount can be calculated after year end Similar to a current “high level” designation by a board Spendable – Assigned Fund Balance Fund balance amounts that are intended to be used for a particular purpose but are NEITHER restricted NOR committed Assigned Fund Balance includes the following: All remaining spendable amounts (positive) in governmental funds except the General Fund General Fund amounts that have designations