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Monday, March 16, 2009

GASB Issues New Fund Balance Reporting Standard

The GASB has issued Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions, to provide clearer, more structured fund balance classifications and clarify the definitions of existing governmental fund types. Statement 54 addresses the diversity of practice and resulting lack of comparability that has evolved in this widely-used area of state and local government financial reports. The new standards establish a hierarchy of fund balance classifications based primarily on the extent to which a government is bound to observe constraints on how resources reported in governmental funds may be used.

More information about Statement 54 may be accessed through the GASB's website at www.gasb.org.

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