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Reporting Requirements for Annual Financial Reports of State Agencies and Universities

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Reporting Requirements for Annual Financial Reports of State Agencies and Universities

Interfund Activity

Interfund Activity

Introduction

GASB 34 established a classification system with terms and definitions for interfund activity and modified the requirements of NCGA Statement 1 for reporting transfers. Interfund activity replaced interfund transaction when referring to financial interaction between funds, including blended component units. Interfund transaction describes actions involving outside parties or a government’s discretely presented component units.

The following are considered interfund activity: