–result of resource
flows between the funds of a primary
government
–includes blended
components, but not discrete component
units
•
•
In the process
of aggregating data for the statements of net assets and the statements of
activities, some amounts reported as interfund activity and balances in the
funds should be eliminated or reclassified.
Eliminations in
the statement of activities should be made to eliminate the grossing-up
effect.Interfund receivables and
payable should be eliminated in the governmental and business-type activities
columns of the statements of net assets, except for the net residual amounts
due between governmental and business type activities.Amounts reported in the funds as
receivable from or payable to fiduciary funds should be included as
receivables and payables to external parties.All internal balances should be eliminated in the total column.