MORe Search

Fund Balance

Reference Number: MTAS-118
Tennessee Code Annotated
Reviewed Date: March 15, 2021
Print This PagePrint This PageSend by EmailSend by EmailPDF versionPDF version

The Governmental Accounting Standards Board (GASB) issued Statement 54: Fund Balance Reporting and Governmental Fund Type Definitions. This standard was effective for periods beginning after June 15, 2010, which means fiscal year 6/30/11.

The statement raised several issues related to the way cities defined governmental funds, mainly special revenue funds, and the classification of fund balance in financial reports. Fund balance is only used in the governmental fund types:

  • General Fund
  • Special Revenue Funds
  • Debt Service Funds
  • Capital Projects Funds
  • Permanent Funds

Proprietary funds and internal service funds use the term “net position” to describe the equity in the funds. That terminology changed with the implementation of GASB 63. Consequently, the changes resulting from GASB 54 did not affect fund types other than governmental fund types listed above.


Need to Broaden your Search?

Search Our Full Site

Use our comprehensive search tool to find out more information about your topic.