The article discusses the fund balance best practice update issued by the Government Finance Officer's Association (GFOA). It states that the revised best practice is focused on the appropriate level and only one portion of fund balance from the general funding. The other developments are ...
54, Fund Balance Reporting and Governmental Fund Type Definitions, which replaces the traditional categories of reserved and unreserved fund balance with five new categories (i.e., nonspendable, restricted, committed, assigned, and unassigned) that represent a fundamentally different approach to ...