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<br />~ummary of Statement No 34 <br /> <br />Page 6 of8 <br /> <br />infrequent and are within the control of management. <br /> <br />Important Aspects of the Fund Financial Statements <br /> <br />To report additional and detailed information about the primary <br />government, separate fund financial statements should be <br />presented for governmental and proprietary funds. Required <br />governmental fund statements are a balance sheet and a statement <br />of revenues, expenditures, and changes in fund balances. Required <br />proprietary fund statements are a statement of net assets; a <br />statement of revenues, expenses, and changes in fund net assets; <br />and a statement of cash flows. To allow users to assess the <br />relationship between fund and govemment-wide financial <br />statements, governments should present a summary reconciliation <br />to the government-wide financial statements at the bottom of the <br />fund financial statements or in an accompanying schedule. <br /> <br />Each of the fund statements should report separate columns for the <br />general fund and for other major governmental and enterprise funds. <br />Major funds are funds whose revenues, expenditures/expenses, <br />assets, or liabilities (excluding extraordinary items) are at least 10 <br />percent of corresponding totals for all governmental or enterprise <br />funds and at least 5 percent of the aggregate amount for all <br />governmental and enterprise funds. Any other fund may be reported <br />as a major fund if the government's officials believe that fund is <br />particularly important to financial statement users. Nonmajor funds <br />should be reported In the aggregate In a separate column. Internal <br />service funds also should be reported in the aggregate in a separate <br />column on the proprietary fund statements. <br /> <br />Fund balances for governmental funds should be segregated into <br />reserved and unreserved categories. Proprietary fund net assets <br />should be reported in the same categories required for the <br />government-wide financial statements. Proprietary fund statements <br />of net assets should distinguish between current and noncurrent <br />assets and liabilities and should display restricted assets. <br /> <br />Proprietary fund statements of revenues, expenses, and changes in <br />fund net assets should distinguish between operating and <br />nonoperating revenues and expenses. These statements should <br />also report capital contributions, contributions to permanent and <br />term endowments, special and extraordinary items, and transfers <br />separately at the bottom of the statement to arrive at the all-inclusive <br />change In fund net assets. Cash flows statements should be <br />prepared using the direct method. <br /> <br />Separate fiduciary fund statements (including component units that <br />are fiduciary in nature) also should be presented as part of the fund <br />financial statements. Fiduciary funds should be used to report <br />assets that are held in a trustee or agency capacity for others and <br />that cannot be used to support the government's own programs. <br />Required fiduciary fund statements are a statement of fiduciary net <br />assets and a statement of changes in fiduciary net assets. <br /> <br />Interfund activity includes interfund loans, interfund services <br />provided and used, and Interfund transfers. This activity should be <br />reported separately in the fund financial statements and generally <br />should be eliminated in the aggregated government-wide financial <br /> <br />http://accounting.rutgers.edulraw/ gasb/stlsununary 1 gstsm34 .html <br /> <br />2/8/02 <br />