What is Deferred inflows of resources?
In short
Deferred inflows of resources are a government's acquisition of net position that applies to a future period, such as property taxes levied for next year. They are a separate element, reported after liabilities, not as liabilities.
Key takeaways
- In governmental funds, revenue that isn't yet available is reported as a deferred inflow (unavailable revenue).
- Deferred outflows of resources are the mirror image, reported after assets.
- Some pension-related amounts are reported as deferred inflows or outflows.
Where it's tested
FAR: Governmental Accounting — study notes, a five-minute revision sheet and practice questions.
Practise: 3 questions
Question 1 of 3 · 0 answered
Governmental funds use which measurement focus and basis of accounting?