Explore BrainMass

Explore BrainMass

    GASB Criteria in Governments

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    5. How should governments report permanent fund and fiduciary fund balances and income in their government-wide statements? Explain.

    10. How should an employer determine its annual pension cost? What minimum GASB criteria must it satisfy?

    response is 473 words

    © BrainMass Inc. brainmass.com June 4, 2020, 12:52 am ad1c9bdddf
    https://brainmass.com/business/accounting/gasb-criteria-governments-364656

    Solution Preview

    5. How should governments report permanent fund and fiduciary fund balances and income in their government-wide statements? Explain.

    Permanent funds balances and income are governmental funds (which focuses on sources, uses, balances of current financial resources) report legally restricted funds of earnings and not principal and probably used for reporting of government's program (benefit government and its citizens) and should be reported on the government-wide statements (www.da.ks.gov). These funds should be reported on the modified accrual method of accounting and the income from the permanent funds should be assigned to certain functions from GASB 34 paragraph 65.

    Fiduciary funds balances and income focuses on net assets and changes in net assets and Fiduciary funds should report funds ...

    Solution Summary

    GASB criteria in governments are examined.

    $2.19

    ADVERTISEMENT