26
Reporting Model-Statement of Net Assets
•All assets (including infrastructure) and liabilities
•Net assets (rather than fund balances, retained earnings,etc.)
–Invested in capital assets, net of related debt
–Restricted
–Unrestricted
•Choice between two formats
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ØMost significant effect for closing package agencies will be centered around the differences between modified accrual basis information (currently submitted) and accrual basis information for governmental funds
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Assets and liabilities are presented in decreasing order of liquidity.