Fantastic Proprietary Fund Financial Statements Are Prepared Using The
Table 1 summarizes the measurement focus and basis of accounting for each reporting element and type of fund.
Proprietary fund financial statements are prepared using the. Proprietary fund financial statements are prepared using the economic resources measurement focus and the accrual basis of accounting. Under GASB Statement No. These are the same measurement focus and basis of accounting as will be applied in the preparation of the.
Therefore for all the respective resources for which proprietary funds are used it is categorized as such in the financial statements accordingly. Government-wide financial statements are prepared using the economic resources measurement focus and the accrual basis of accounting and. Prepare in good form for the proprietary funds accounted for in Parts 1 and 2 the following.
Financial statements for proprietary funds are prepared using the economic resources measurement focus. Like proprietary fund financial statements fiduciary fund financial statements are prepared using the economic resources measurement focus and the accrual basis of accounting. Proprietary fund financial statements including financial data for enterprise and internal service funds and fiduciary fund financial statements including financial data for fiduciary funds and similar component units should be prepared using the economic resources measurement focus and the accrual basis of accounting.
Both types of proprietary funds will be reported as they are today using the economic resources measurement focus and the accrual basis of accounting. 34 governments will continue to report two types of proprietary funds ie enterprise and internal service funds. The General Fund is always a major fund for purposes of financial reporting.
For hard-copy AFRs agencies present individual proprietary funds in separate columns. Like proprietary fund financial statements fiduciary fund financial statements are prepared using the economic resources measurement focus and the accrual basis of accounting. 43410 The following are required fund financial statements for proprietary funds.
1 A Statement of Revenues Expenses and Changes in Fund Net position for the Year Ended December 31 2020. Statement of net position Statement of revenues expenses and changes in fund net position and Statement of cash flows see Statement of Cash Flows. B The proprietary fund financial statements are prepared using the economic resources measurement focus and the accrual basis of accounting.