Advisory Committee on Financial Management
Governmental Accounting Standards Board (GASB) Subcommittee
The purpose of the Uniform Financial Accounting and Reporting Standards (UFARS) GASB 54 Subcommittee is to review the Governmental Accounting Standards Board (GASB) Statement 54, Fund Balance Reporting and Governmental Fund Type Definitions and propose necessary modifications to UFARS to implement the new accounting standard.
Effective for school district and charter school financial reporting for FY 2011 and later years, GASB 54 will require fund balances, which have traditionally been classified as reserved and unreserved, to be classified in one of five categories:
• Nonspendable
• Restricted
• Committed
• Assigned
• Unassigned
