Under the GASB Statement No.34 reporting model (as amended by GASB Statement No.63), the government-wide statement of net position will display which of the following?
A)Assets, liabilities, and net position.
B)Assets, liabilities, and fund balances.
C)Assets, liabilities, and fund equity.
D)Assets, liabilities, and owners' equity.

Question

Quizplus · Accepted Answer

Under GASB Statement No.34 reporting model (as amended by GASB Statement No.63), the government-wide statement of net position will display assets, liabilities, and net position. This statement provides a long-term perspective on a government's finances by presenting information on all assets and liabilities, including capital assets and long-term debt, regardless of fund. The net position is the difference between assets and liabilities and represents the government's equity.