•Statement of Revenues, Expenditures, and
Changes in Fund Balances
•Characteristics
of governmental fund statements:
•Current financial resources
•Modified accrual
•Reconciliation required for both statements
Still reported
on a modified accrual basis.
Reconciliation
of net assets of governmental funds to net assets presented in the government
wide statements is required on the fact of this statements.
Fund balance
should be either reserved or unreserved.
Extraordinary
and special items is a new categorization added to the statement of revenues,
expenditures, and changes in fund balances.
Budgetary
statement is not part of general purpose financial statements but is required
supplementary information.