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Instructor Blog - Fund Accounting

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Fund Accounting and Municipality Analysis: Part I of II


  • admin

  • 4/3/2019 5:56:28 PM

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  • Fund Accounting
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Q: What is the restatement line item on the statement of activities?

A: A footnote on page 48 of the financial statements reports the following adjustments to fixed asset values, which caused a restatement:

“Effective with the City’s reporting for the current fiscal year ended June 30, all capital asset balances were reviewed, inventoried, and audited. For governmental activities, the effect was a decrease in total assets of approximately $24.5 million to the prior fiscal year balance. For business type activities, the effect was an increase in total assets of $20.2 million, offset by an increase in related accumulated depreciation of $14.9 million, resulting in an overall net increase of approximately $5.3 million.”

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