Deferred Outflows and Inflows of Resources Flashcards Preview

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Flashcards in Deferred Outflows and Inflows of Resources Deck (10):
1

How is government-wide Statement of Net Position presented?

(Assets + Deferred outflows) - (Liabilities + Deferred Inflows) = Net position

2

How is governmental fund balnce sheet presented?

(Assets + Deferred outflows) = (Liabilities + Deferred inflows) + Fund Balance = Total Liabilities, Deferred Inflows of Resources, and Fund Balance

3

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

4

What is a type of imposed nonexchange revenue transaction for deferred inflow of resources?

Reported as receivable prior to their formal levy

5

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

6

How should sales and intra-entity transfers of future revenues be reported?

Deferred inflows of resources

7

What dealing with leases results in a deferred inflow or outflow of resources?

Gains or losses arising from sale and leaseback transactions

8

How are changes in a government's pension liability?

Deferred outflows and inflows

9

How are current service costs and interest net of return on plan assets accounted for?

Expensed

10

How are changes in acturial assumptions, prior service costs accounted for?

Deferred outflows and inflows