[ks0406]

Hello!

I am wondering if Proprietary fund reports:

either Statement of “Net Asset” or “Net Position” ?

Ninja note states – Net Asset

CPA Excel states – Net Position

I googled around and its not very consistent.

Thank you and GL studying!

[ks0406]

On GASB website, it looks like its “Net Position”.

Ninja Note cannot be wrong tho..

[FAR_WARS]

Becker says Stmt of Net position

also remember:

Assets+def outflows

-liabs + def inflows

=net position

FAR- 80
BEC- 75
AUD- 78
REG- ?

[iloveaccounting220]

Statement of Net Position

BEC - 76 (1/24/15)
REG - 82 (4/13/15)
AUD - 89 (5/31/15)
FAR - 78 (8/16/15)

Starting right now I'll be strong
I'll play my fight song
And I don't really care if nobody else believes
'Cause I've still got a lot of fight left in me

[jeff]

Hope this is helpful:

“Required proprietary fund statements are a statement of net assets; a statement of revenues, expenses, and changes in fund net assets; and a statement of cash flows.”

https://www.gasb.org/st/summary/gstsm34.html

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[ks0406]

oh wow, you guys are great. Thank you!

[ks0406]

Hi Jeff,

I am wondering if the GASB No.34 you linked has been amended?

Not really sure how this all works, just learning!

https://www.gasb.org/cs/BlobServer?blobcol=urldata&blobtable=MungoBlobs&blobkey=id&blobwhere=1175824063336&blobheader=application%2Fpdf

https://gasb.org/cs/ContentServer?site=GASB&c=Pronouncement_C&pagename=GASB%2FPronouncement_C%2FGASBSummaryPage&cid=1176158736800

[Anonymous]

The correct answer is Statement of Net Position. Recent GASB standards amended this, but I can't remember which standard. Off the top of my head, want to say GASB 54.

[Anonymous]

GASB 63! Thanks ks0406!

[Anonymous]

So, to build upon this, any statements that previously had “net assets” will now be reported as “net position.” For example, the previous proprietary statement of “revenues, expenses, and changes in fund net assets” will now be the statement of “revenues, expenses, and changes in fund net position.”

Remember, net position change only affects statements that used to have net assets, which are the proprietary fund statements, the fiduciary statements and government-wide statements of net position and statement of activities. The governmental funds are reported with a fund balance rather than net position.

Hope this helps!

[ks0406]

This is great guys.

Thank you!

[Author]

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