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October 2011 » Statement of Net Assets or Net...
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Khaled Abdel Ghany, PhD, CPA
In June 2011, the Governmental Accounting Standards Board (GASB) issued Statement 63, Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources, and Net Position. The purpose of GASB 63 is to amend GASB Statement 34, Basic Financial Statements—and Management's Discussion and Analysis—for State and Local Governments, in order to report the deferred outflows of resources separate from the assets, to separate the deferred inflows of resources from liabilities, and to rename the statement of net assets to the statement of net position.
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