What is condensed statement of financial position?
What is condensed statement of financial position?
Condensed financial statements are a summary form of a company’s income statement, balance sheet, and cash flow statement, usually combined into a single document. These shortened statements are created to provide a quick overview of the company’s financial status with limited detail, and often for internal use only.
How do you write a statement of net position?
Statement of Net Position
- Net position format: Assets plus deferred outflows, less liabilities, less deferred inflows of resources, equals net position.
- Balance sheet format: Assets plus deferred outflows of resources equals liabilities plus deferred inflows of resources, plus net position.
What is net position on a financial statement?
Government-Wide Financial Statements: Statement of Net Position. The difference between an entity’s assets plus deferred outflows of resources and its liabilities plus deferred inflows of resources represents its net position.
What is the accounting equation for net position?
Net position in the balance sheet (or statement of net position) of a local and state government is the difference between total assets plus deferred outflows of resources, and total liabilities plus deferred inflows of resources. It is similar to equity is the balance sheet of a business entity.
What is a condensed report?
1 adj A condensed book, explanation, or piece of information has been made shorter, usually by including only the most important parts.
What is the difference between condensed and consolidated financial statements?
A consolidated balance sheet provides information about a company and all its subsidiaries in a single document. A condensed sheet boils all balance sheet information down to a few lines.
Is a statement of net position the same as a balance sheet?
The statement of net assets presents the same information as a balance sheet: It assesses the balance of a government’s assets—the resources it can use to provide service and operate the government—against its liabilities—its obligations to turn over resources to other organizations or individuals.
What are the categories used for net position on the government wide statement of net position?
Statement of Net Position. The statement of net position provides a columnar presentation of the assets, deferred outflows of resources, liabilities, deferred inflows of resources, and net position of the reporting entity in two categories: governmental activities and business-type activities.
What is a net position?
Net position. The value of the position subtracting the initial cost of setting up the position. For example, if 100 options where purchased for $1 each and the option is currently trading for $9, the value of the net position is $900 – $100 = $800.
What is the purpose of the statement of net position?
Statement of Net Position. The statement of net position presents the financial position of the governmental entity and its discretely presented component units. This statement is required to present all financial and capital resources using an economic resources measurement focus and the accrual basis of accounting.
What is net position in banking?
Net position is the difference between total open long (receivable) and open short (payable) positions in a given asset (security, foreign exchange currency, commodity, etc.) held by an individual.
Are Interim financial statements Condensed?
An interim financial report is a complete or condensed set of financial statements for a period shorter than a financial year.
What do you mean by condensed financial statement?
Condensed financial statements are defined to be the brief version of a business’s income statement, cash flow statement, and balance sheet, all collectively put into a particular financial document.
Do you need a total column on a statement of net position?
There are other presentation requirements relative to the statement of net position: A total column is required for the primary government. A total column for the entity as a whole, including the discretely presented component units, may be presented but is not required.
Where does Internal Service Fund go in statement of net position?
If enterprise funds are the predominant or only participants in an internal service fund, however, the entity should report the internal service fund’s residual assets and liabilities within the business-type activities column in the statement of net position. There are other presentation requirements relative to the statement of net position:
What is GASB Statement 44, economic condition reporting?
Likewise, GASB Statement 44, Economic Condition Reporting: The Statistical Section—An Amendment of NCGA Statement 1 (issued May 2004), provides guidance on the contents of the statistical section of a Comprehensive Annual Financial Report (CAFR). Exhibit 7 is a complete summary of the contents of a CAFR.