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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A Look into the Importance of Budgets for Governments and Not-for-Profits

Government and not-for-profit budgets are far more important than those for businesses because they are expressions of public policy and often carry the authority of law, preventing public officials from spending outside their budgetary authority.  The increased importance of budgets is reflected in government financial reports by a required report comparing budgeted and actual amounts. …

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