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ERIC Number: EJ914672
Record Type: Journal
Publication Date: 2010-Nov
Pages: 4
Abstractor: ERIC
Reference Count: 0
ISSN: ISSN-0036-651X
Tips for School Districts: GASB's New Fund Balance Standards
Mead, Dean Michael
School Business Affairs, v76 n9 p8-11 Nov 2010
In March 2009, the Governmental Accounting Standards Board (GASB) issued Statement No. 54, "Fund Balance Reporting and Governmental Fund Type Definitions." School districts that prepare financial reports based on generally accepted accounting principles are required to implement this standard no later than the first fiscal year that starts after July 15, 2010. Statement 54 sets out reporting requirements in two areas: (1) how the fund balance should be classified; and (2) which funds may be reported in the government funds financial statements. Statement 54 replaces the current fund balance classifications--reserved, unreserved-designated, and unreserved-undesignated--because school districts and other government entities vary considerably in how they interpret the meaning of those classifications. The intention is to improve the usefulness and comparability of fund balance information by grouping it more intuitively and into more meaningful classes. The new fund balance classification model is based primarily on the extent to which a school district is bound to follow constraints on resources. The five new fund balance classifications are (1) nonspendable; (2) committed; (3) restricted; (4) assigned; and (5) unassigned. In this article, the author offers tips for implementing Statement 54. (Contains 2 figures.)
Association of School Business Officials International (ASBO). 11401 North Shore Drive, Reston, VA 20190. Tel: 866-682-2729; Fax: 703-478-0205; e-mail:; Web site:
Publication Type: Journal Articles; Reports - Descriptive
Education Level: Elementary Secondary Education
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: N/A