Fund Balance New and Improved

Source: Stephen J.Gauthier, Government Finance Review, April 2009

There is probably no single item in a typical state or local government’s financial statements that attracts more attention than fund balance. In February 2009, the Governmental Accounting Standards Board (GASB) issued GASB Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions.This latest GASB standard will not affect the calculation of fund balance,but will fundamentally alter the various components used to report it.

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