by Melanie
(Nevada City, CA, USA)
Is it necessary to report Temporary Restricted Funds in the Income Statement?
1Comments
What must be reported on a Statement of Activities (Income Statement)
VVcikey
The FASB (Financial Accounting Standards Board) 117 states that your Statement of Activities (Income Statement) must report changes in unrestricted net assets (fund balances), temporarily-restricted net assets, permanently-restricted net assets and total net assets.
So if no changes occurred in the reporting period, then the temporary restricted fund balance would be reported in your Statement of Financial Position (Balance Sheet).
So if no changes occurred in the reporting period, then the temporary restricted fund balance would be reported in your Statement of Financial Position (Balance Sheet).