To Defer or not Defer, that is the GASB? Part 1 – A look into GASB 63 and 65

The Governmental Accounting Standards Board has recently issued two GASB Statements that will affect the way a governmental entity presents its financial statements going forward.  Those GASB statements are GASBS 63 and GASBS 65.  We have broken this blog into two blogs.  Part I will discuss the ramifications of GASBS 63 and Part II will …

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Governmental Accounting Standards Board’s (GASB) Addition to the Financial Statement Elements and Implementation of GASB 65

GASB has added two elements to the original five financial statement elements.  GASB Statement No. 65 Items Previously Reported as Assets and Liabilities, issue guidance on using the new elements.  The two new elements are Deferred Outflows of Resources and Deferred Inflow of Resources.  GASB’s seven financial statement elements are defined as follows: Assets- resources …

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