- NY Credits : 5.0
- TX Credits : 5.0
The course, GASB No. 54: Fund Balance Reporting and Governmental Fund Type Definitions, discusses the purpose and scope of Government Accounting Standards Board Statement (GASBS) No. 54. It provides an overview of the fund classification hierarchy and the definitions of each fund type as clarified by GASBS No. 54. The course also provides an overview of reporting requirements for governmental funds.
Upon successful completion of GASB Statement No. 54 - Fund Balance Reporting and Governmental Fund, the user should be able to:
identify the five fund balance classifications and describe the objective of each;
recognize the five types of governmental funds: (1) General Fund, (2) Special Revenue Fund, (3) Capital Project Fund, (4) Debt Service Fund, and (5) Permanent Fund; and
determine the amounts to be reported in each fund balance classification.