Combining Balance Sheet
Special Capital Debt Permanent
General Revenue Projects Service (Endowment)
Fund Fund Fund Fund Fund Totals
Cash $38 $20 $35 $340 $10 $443
Investments 105 60 480 136 960 1,741
Due from Other Funds - 120 46 39 - 205
Total Assets $143 $200 $561 $143 $515 $143 $970 $2,389
Recast the balance sheet in the form of a single consolidated, full accrual balance sheet.
Why a consolidated balance sheet is not substitute for combined balance sheet that reports on major funds.© BrainMass Inc. brainmass.com March 4, 2021, 7:40 pm ad1c9bdddf
(1) GASB Statement No. 34, Basic Financial Statements requires the financial statements to be presented using the full accrual method which recognizes the financial effect of events that impact the entity during the accounting period, regardless of whether cash has been received or spent.
We can get a single ...
The solution recasts the balance sheet in the form of a single consolidated, full accrual balance sheet. Why a consolidated balance sheet is not substitute for a combined balance sheet that reports major funds is discussed.