Deferred Outflows and Inflows of Resources Flashcards
Government-wide Statement of net position
Assets
Plus: Deferred Outflows of Resouces
Less: (Liabilites)
Less: (Deferred Inflows of Resources)
Net position
Deferred outflow
A deferred outflow of resources is a consumption of net assets that is applicable to a future reporting period (asset, prepaid asset)
Deferred inflow
A deferred inflow is a resources in an acquitstion of net assets that is applicable to a future reporting period. They have a negative effect on net position and are reported following liabilities but before equity. (Accts. recievable, def revenue, etc).
Governmental Fund Balance Sheet
Assets Plus Deferred Outflows of Resources
**Equals **
Liabilites plus Deferred Inflows of Resources
Plus: Fund Balance
Total Liablities, Deferred inflows of resources and fund balance
What qualifies a derivative to get hedge accounting treatment?
If it is effective.
Example of deferred inflows of resources
Total amount received
Time and eligibity requirments satisfied (revenue, ie. 1 of 3 yrs)
Earned eligiblity requirements satisfied
less: revenue
less: deferred inflows of resoures
Unearned revenue
Incremental increases in rates that are restricted by a regulator should be classified as what?
A deferred inflow of resources
An increaes in pension liablity results in what type of classifcation?
A deferred outlfow of resources
