Deferred Outflows and Inflows of Resources Flashcards
How is government-wide Statement of Net Position presented?
(Assets + Deferred outflows) - (Liabilities + Deferred Inflows) = Net position
How is governmental fund balnce sheet presented?
(Assets + Deferred outflows) = (Liabilities + Deferred inflows) + Fund Balance = Total Liabilities, Deferred Inflows of Resources, and Fund Balance
What are the types of transactions classified as deferred outflows of resources and deferred inflows of resources?
Service concession arrangements, Derivatives instruments and hedge accounting, imposed nonexchange revenue transactions, refunding of debt, sales and intra-entity transfers of future revenues, leases, regulated operations, and assets associated with unavailable revenues
What is a type of imposed nonexchange revenue transaction for deferred inflow of resources?
Reported as receivable prior to their formal levy
What should be reported as deferred inflow/outflow fore refunding of debt?
Difference between the reacquisition price and the net carrying amount of the old debt
How should sales and intra-entity transfers of future revenues be reported?
Deferred inflows of resources
What dealing with leases results in a deferred inflow or outflow of resources?
Gains or losses arising from sale and leaseback transactions
How are changes in a government’s pension liability?
Deferred outflows and inflows
How are current service costs and interest net of return on plan assets accounted for?
Expensed
How are changes in acturial assumptions, prior service costs accounted for?
Deferred outflows and inflows
