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 Topic: Governemtal =Inconsistency ??? ( Topic Closed)
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CPASTONE
Contributor
Joined: 12 Jul 2010
Online Status: Offline
Posts: 95
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| Posted: 29 Jul 2010 at 01:14 | IP Logged
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Regarding Major fund determination criteria
Becker 2009 Page 19 says
. Major Fund Reporting Criteria
GASB 34 emphasizes reporting by major fund rather than fund type. Reporting by
major fund provides more meaningful information. Major funds are specifically defined,
as follows:
a. Major Fund Rules—Two Criteria (both must be met):
(1) 10% or more of the corresponding total revenues,
expenditures/expenses, assets or liabilities of:
(a) All governmental funds
OR
(b) Enterprise funds
AND
(2) 5% or more of revenues, expenditures/expenses, assets or liabilities of:
(a) All governmental funds
AND
(b) All enterprise funds
Now Updates for 2009 editions gives following explaination which is contradicting above rules
The GRSPP funds are individually compared to the total of all the governmental funds to meet the
5% test. The enterprise funds are compared to the total of all enterprise funds. (not proprietary
funds, enterprise funds) to meet the 5% test.
To meet the 10% test, the individual GRSPP funds are individually compared to the total of all
governmental and enterprise funds and the enterprise funds are individually compared to the total
of all governmental and enterprise funds.
Any thoughts?
__________________
CPASTONE
FAR- 7/30/10 -pass
Audit-05/26/10 -pass
Reg-05/21/10- pass
Bec-08/31/10-pass
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caixinran
Regular
Joined: 10 Jun 2009
Online Status: Offline
Posts: 159
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| Posted: 29 Jul 2010 at 15:42 | IP Logged
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a)Total assets, liabilities, revenues, or
expenses/expenditures of the individual governmental
or enterprise fund are at least 10 percent of the
corresponding total for that element (assets,
liabilities, etc.) for all funds of that category or
type.
b) Total assets, liabilities, revenues, or
expenditures/expenses of the individual governmental
fund or enterprise fund are at least 5 percent of the
corresponding total for that element
(assets, liabilities, etc.) of all governmental and
enterprise funds combined.
I trust this statement since it is from GASB Statement#34
__________________
REG - July 21, 2009 - 94
BEC - Nov. 03, 2009 - 90
FAR - Aug. 07, 2010 - 96
AUD - Nov, 23, 2010 - 87
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