For example, a water utility's loss from an uncollectible account receivable as a result of a major customer's deteriorating financial condition leading to the bankruptcy of that customer subsequent to the statement of net assets
date may be indicative of conditions existing at the statement of net assets
date, thereby calling for adjustment of the financial statements before their issuance.
Proprietary fund financial statements should be based on accrual accounting and include a statement of net assets
or balance sheet, statement of revenues, expenses, and change in fund net assets, and statement of cash flows.
The financial economics approach to accounting and funding advocates recognizing its version of the unfunded pension liability in the statement of net assets
and advocates immediate recognition of all changes in it each year as an expense, without any amortization.
In our opinion, the accompanying statement of net assets
sold presents fairly, in all material respects, the net assets of XYZ Utility Company, as of June 30, 19x1, sold pursuant to the purchase agreement referred to in Note B, in conformity with generally accepted accounting principles.
5 million as of January 31, 2004; however, it is not classified as restricted or as a liability in the Statement of Net Assets
This means that the government-wide statement of net assets
reports both short- and long-term assets and liabilities.
Genesee Corporation today issued its statement of net assets
in liquidation and statement of changes in net assets in liquidation as of and for the fiscal 2004 second quarter ended November 1, 2003.
Because net assets still must be reported at market value, little if any of the portfolio presentation, statement of net assets
and the per-share table would need to change.
This schedule is to present data on each of the three categories of net assets in the government-wide statement of net assets
31, 2003 2003 2002 (Amounts in thousands) Selected Statement of Net Assets
(Liquidation Basis) Information: Cash and cash equivalents $12,322 $43,099 $1,366 Retained interest in auto loan securitization 29,855 23,836 23,946 Installment contracts 122,715 216,723 142,357 Other assets 4,136 3,489 4,187 Total assets $169,028 $287,147 $171,856 Advances from parent $99,136 $205,835 $103,541 Warehouse line -- 13,137 -- Other liabilities 10,335 9,009 10,106 Total liabilities 109,471 227,981 113,647 Net assets in liquidation $59,557 $59,166 $58,209 For the Three For the Nine Months Ended Months Ended Sept.
The items in the statement of net assets
can be stated as a percentage of total assets, and the items in the statement of activities can be stated in terms of either total general revenues or total expenses.
The Corporation has estimated the present value of those costs at $300,000 and this amount has been recorded as a part of the run-out accrual and reflected in the accrued expenses and other liabilities line in the accompanying Statement of Net Assets