If one fund is both a debtor and creditor of a second fund,both funds must report the full amounts receivable and payable in their year-end balance sheets.

Question

Quizplus · Accepted Answer

GASB standards provide that in the situation described, the fund interfund receivables/payables may be offset for reporting purposes only, and the net amount reported in the financial statements. However, these amounts should not be offset in the accounts.

If One Fund Is Both a Debtor and Creditor of a Second