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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

Notes & Samples

NOTE 28 – Deferred Outflows of Resources and Deferred Inflows of Resources

Disclosures

The agency summarizes deferred outflows of resources and deferred inflows of resources in accordance with GASB Concepts Statement No. 4 and GASB 63 (presentation), as amended by GASB 65 (classification of specific items). Deferred outflows of resources represent a consumption of net assets that is applicable to a future reporting period, while deferred inflows of resources represent an acquisition of net assets that is applicable to a future reporting period.

Disclose the details of deferred outflows of resources and deferred inflows of resources (in the respective notes) for:

  • Hedging derivative instruments (GASB 53)
  • Unamortized gains or losses on bond or debt refunding (GASB 65)
  • Public-Private and Public-Public Partnerships (GASB 94)
  • Available payment arrangements (GASB 94)
  • Irrevocable split-interest agreements (GASB 81) (if applicable)
  • Asset retirement obligations (GASB 83)
  • Pensions (GASB 68 and GASB 73) (if applicable)
  • Other post-employment benefits (GASB 75) (if applicable)
  • Government acquisitions (GASB 69) (if applicable)
  • Leases (GASB 87)
  • Subscription-Based IT Arrangements (GASB 96)
  • Other deferred amounts specifically required by GASB 65

Note: Present summary information on the deferrals by category in Note 28 and cross-reference between the detail notes and Note 28.

For all types of deferrals, tie the total deferred outflows of resources and total deferred inflows of resources to the deferred outflows of resources section and deferred inflows of resources section on the financial statements, respectively.