For governmental-type funds, Statement 53 reporting of derivatives applies only to reporting at the government-wide level, not the fund-basis statements.

Question

Quizplus · Accepted Answer

GASB rules for reporting for derivatives applies to governmental financial statements prepared using the accrual basis of accounting, including government-wide statements, proprietary funds and fiduciary funds.

For Governmental-Type Funds, Statement 53 Reporting of Derivatives Applies Only