Laserfiche WebLink
6.1.G. - Page 36 <br /> Goverr�ments are required ta disclose information about the processes t�rough <br /> which constraints are imposed on amounts fn the committed an� assigned <br /> cEassificatfons. <br /> Governments alsa are required to c�assify a�d repor� amou�ts in tF�e appropriate <br /> fund baiar�ce classafications by appiying their accounting policies �hat determine <br /> whether restricted, committed, assigned, and unassigned amounts are <br /> considered to i�ave �een spent. Disclosure of the polECies in the raotes to the <br /> financial sta#ements is required. <br /> Th�s Stafement also provides guidarace for classifying stabilizatio� amounts on <br /> the face of the balance sheet ar�d reguires disclosure of c�rtain informa#ion abovt <br /> stabfEizatian arrang�ments in tl�e notes �o the fir�ancial statements. <br /> The definitior�s of �he gen�rai fund, special revenue fund type, capital projects <br /> fund type, debt se� fund fype, and permanent fund type are clarified by the <br /> provisio�s in �f��s Statement. Interpre�ations of certain ferms within th� definition <br /> of the spec�al re�enue fund type have been provided and, fior some governments, <br /> thase interpretations may affect the activities they choose to report rrt thase <br /> funds. The capital projects fund type definition also was darified far better <br /> alignment with the needs of preparers and users. Def�nitions of ot�er <br /> go�ernmental fund types also have been modified far cfarity and consistency. <br /> Th� requirements of this Statem�nt are effective far financial statements for <br /> periads beginr�ing after June 15, 2Q10. Early impiementation is encouraged. <br /> Fund �a[ance reclassifications made to eonform to the provisions of this <br /> Sfiatement should be applied retroac�ively by restating fund ba�ance �or afl prior <br /> p�riods presertted. <br /> How tMe Change� in This Sta#ement WiI� lmprowe Financial Reporting <br /> The req�iremenf� in this S�atement wEll improve financial r�porting by providing <br /> fund ba(ance categories ar�d classifications that will be more �asily �nders�ood. <br /> Eliminafion ofi the reserved component Of fund �a[ance sn favor of a resfric#ed <br /> classificafion wif� enhance #he consisfency between infarrr»tion repar��d in the <br /> governmenf�wide statements and information �n the gavernmental fund financial <br /> statements and avoid confusion about the relations�ip befi,veen reserved fund <br /> balan�� and resfricted net assets. The fund balance classification approach in <br /> this Statement will require governments to cfassify amounts consistently, <br /> �egardless o� the fiund type or column in which they are presenfed. As a resuit, an <br /> amoun� cannot b� classified a� resfricted in one fund but unrestricted in another. <br /> The f�and balance disclosures wil! give iasers ir�forma�ion r�ecessary to t�nderstand <br /> 31 <br />