GASB requires governments to report deferred outflows and deferred inflows of assets separate from assets and liabilities.

Question

Quizplus · Accepted Answer

Governmental proprietary funds report deferred outflows and deferred inflows of assets in their net position statements, separate from items that meet the definition of assets and liabilities. The FASB requires commercial entities to present an income statement that has a second section called, "other comprehensive income" to report the effects of transactions that are more appropriately recognized in a future period.

GASB Requires Governments to Report Deferred Outflows and Deferred Inflows