Understanding GASB Statement No. 54

Jan 04, 2025

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Learn about Fund Balance Reporting and Governmental Fund Type Definitions per GASB Statement No. 54. Get insights on changes effective from fiscal year 2011 for Towns' accounting practices.

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Understanding GASB Statement No. 54

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gasb 54 fund balance reporting and governmental fund types

General FundSpecial Revenue FundsDebt Service FundsCapital Projects FundsPermanent Funds. GASB 54 applies to governmental funds only. 2. Review of GASB 54 Fund Balance Categories. NonspendableIn nonspendable formInventoryPrepaid itemsSome Long-term receivablesRequired to be maintained intactPermanent fund principalPrincipal of a revolving loan fund.

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