Which of the following statements is correct with respect to GASB Statement No.53 which establishes reporting requirements for governments entering into derivative instruments?
A) Changes in the value of hedge derivatives are reported in the Statement of Net Assets.
B) If a derivative is an investment derivative, the changes in the value of the derivative are deferred and reported in the statement of net assets.
C) Statement No. 53 does not apply to proprietary or fiduciary funds.
D) Statement No. 53 applies to government financial statements prepared using the modified accrual basis of accounting.
Correct Answer:
Verified
Q65: Agency fund assets and liabilities are to
Q90: A pension plan that is required to
Q119: A _ is used when a contributor
Q120: Which of the following statements is not
Q123: GASB Statement No.52 requires endowments with investment
Q127: Which of the following statements regarding employer
Q128: When a contributor and a government agree
Q129: What are the four types of fiduciary
Q129: Which of the follow schedules are required
Q137: What are the required statements and schedules
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents