The Governmental Accounting Standards Board (GASB) has issued a new exposure draft setting forth a proposed Statement on fund balance reporting and governmental fund type definitions. This proposed Statement would establish financial reporting requirements for classifying and reporting fund balances in governmental funds. In addition, the Statement would also provide clarified definitions of the individual governmental fund types. The objective of this proposed Statement is to improve financial reporting by providing fund balance categories and classifications that would be more easily understood. This article only describes the proposed changes to fund balance reporting in governmental funds.

[GASB Recommendations]

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