Get the free GOVERNMENT-WIDE STATEMENT OF NET POSITION

DCEDCLGS20 (0813)Department of Community & Economic Development Governor's Center for Local Government Services Commonwealth Keystone Building 400 North Street, 4th Floor Harrisburg, PA 171200225

How to fill out government-wide statement of net

How to fill out government-wide statement of net

1. Start by downloading the government-wide statement of net form from the official government website.
2. Read the instructions and gather all the necessary financial information and documents.
3. Begin by filling out the basic information section, including the name of the government entity, fiscal year, and reporting date.
4. Enter the total assets and total liabilities in the corresponding sections.
5. Calculate the net position by subtracting the total liabilities from the total assets.
6. Break down the net position into different categories such as unexpended appropriations, invested in capital assets, restricted net position, etc.
7. Fill out any other required sections or disclosures as per the instructions.
8. Review the completed form for any errors or omissions.
9. Sign and date the form, and ensure all necessary attachments are included.
10. Submit the filled out government-wide statement of net form to the appropriate authority as specified in the instructions.

Who needs government-wide statement of net?

1. Government entities at various levels such as federal, state, and local governments need government-wide statement of net.
2. It is required by regulatory bodies, accounting standards, and governmental accounting principles for financial reporting.
3. Stakeholders such as taxpayers, creditors, investors, and oversight agencies also rely on this statement to assess the financial health and accountability of government entities.

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What is government-wide statement of net?

The government-wide statement of net presents the overall financial position of a government entity, showing the total assets, liabilities, and net position of the entity as a whole.

Who is required to file government-wide statement of net?

All government entities, including state and local governments, that follow generally accepted accounting principles (GAAP) are required to file a government-wide statement of net.

How to fill out government-wide statement of net?

To fill out the government-wide statement of net, government entities must gather and report their total assets, total liabilities, and calculate the net position by subtracting liabilities from assets.

What is the purpose of government-wide statement of net?

The purpose of the government-wide statement of net is to provide users with an overview of the financial status of a government entity, helping stakeholders assess its financial health and accountability.

What information must be reported on government-wide statement of net?

The government-wide statement of net must report total assets, total liabilities, and the resulting net position, which includes both unrestricted and restricted net assets.