Summary of Currently Applicable GASB Statements GASB 60 ...

GASB Board had determined that the following transactions should be reported as deferred inflows or deferred
outflows:
Deferred Outflows
Resources advanced to another
government for government mandated
non exchange transactions or voluntary
non‐exchange transactions when time
requirements are the only eligibility
requirement that have not been met.
GASB decided this relates to future
periods because provider no longer
maintains control of the present service
capacity. Examples are “reimbursement
type” or “expenditure driven grants”.
Deferred debit amounts resulting from
debt refunding
Purchase of future revenues within the
same reporting entity
Losses resulting from a sale‐leaseback
transaction represent a consumption of
resources related to a future period
Loan origination costs incurred prior to
sale for mortgages held for resale should
be deferred if sale occurs in future period
Resources received in advance from another
government for government mandated non
exchange transactions or voluntary non‐exchange
transactions when time requirements are the
only eligibility requirement that have not been
met. GASB determined this relates to future
period because recipient doesn’t have a present
obligation to sacrifice resources. Examples are
“reimbursement type” or “expenditure driven
grants”.
Deferred credit amounts resulting from debt
refunding
Proceeds from the sale of future revenues
Gains resulting from a sale‐leaseback transaction
represent acquisition of net assets related to a
future period
Loan origination fees received prior to sale for
mortgages held for resale should be deferred if
sale occurs in future period
Resources received in advance related to
imposed non‐exchange transactions. An example
would be property taxes imposed on individuals
and non‐governmental entities.
Receipt of payment for points on loan transaction
that reduces interest rate or future interest is
deferred inflow that should be recognized over
duration of loan
Regulated operations which receive resources
from rate‐payers based on current rates for
services that will be provided in the future
Gains or other reductions of net allowable costs
for regulated business type activities. An
example would be early extinguishment of debt
for an amount less than net carrying value for
regulated business type activity
Resources received in governmental funds that
do not meet revenue recognition criteria for
governmental fund reporting
Deferred Inflows
Summary Comments: This Statement does not go into effect until fiscal year ended June 30, 2014, but
it will likely have a significant impact on how we report certain activity on the balance sheet and the
timing as to when that activity is reported on the income statement. This GASB clarifies and expands
on reporting activity previously discussed is GASB 63.