Governmental Financial Position Statement
(Redirected from Governmental Entity Financial Position Statement)
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A Governmental Financial Position Statement is a balance sheet statement for a governmental organization.
- AKA: Government's Statement of Net Assets.
- Context:
- It can (typically) report on Governmental Assets Accounts and Governmental Liabilities Accounts.
- It can (typically) not include an Owner's Equity component.
- It can (often) be for a Governmental Fund Sub-Account.
- …
- Example(s):
- Counter-Example(s):
- See: Governmental Asset, Governmental Liability.
References
2002
- https://osc.state.ny.us/localgov/pubs/releases/d1.htm
- Sample City Statement of Net Assets Proprietary Funds December 31, 2002
2015
- http://www.gasb.org/jsp/GASB/GASBContent_C/UsersArticlePage&cid=1176156736184
- QUOTE: The statement of net assets presents the same information as a balance sheet: It assesses the balance of a government’s assets — the resources it can use to provide service and operate the government — against its liabilities — its obligations to turn over resources to other organizations or individuals. The difference between a government’s assets and its liabilities is called net assets. The name of the statement reflects its emphasis on what a government would have left over after satisfying its liabilities. Net assets are an indicator of a government’s financial position — its financial standing at a given point in time (typically, the end of the fiscal year). Financial position can be tracked over time to assess whether a government’s financial health is improving or deteriorating.