Beautifully Fabulous State Carf. The Information Assists Essay

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Beautifully Fabulous State CARF. The information assists in preparation of statement of net assets. The paper also provides definitions of various components of statement of net assets.

Statement of Net Assets

According to Governmental Accounting Standards Board (2007), a statement of net assets is similar to a balance sheet. It has both asset section as well as liability section. An asset refers to resources the government employs in its operations. On the other hand, a liability refers to government's commitment to transfer its resources to other entities in the future. Hence, a statement of net assets reports the resources the government owns after clearing its obligations.

Total Asset Section

The total asset section constitutes of two parts: the current asset part and the non-current asset part. Current assets are assets that the government uses in a given financial year. They do not last more than a year. On the other hand, non-current assets last for more than a fiscal year.

Cash and cash equivalents, receivables, inventories, investments, securities lending collaterals amongst others constitute current assets. According to IFRS Dictionary, cash refers to cash on hand together with demand deposits. On the other hand, Cash equivalents refer to short-term investments. Such investments are liquid and can undergo conversion into cash without a significant loss on its face value.

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Investopedia defines receivables as customers' short-term obligation to an entity resulting from delivery of goods or provision of services. Similarly, Business Dictionary defines inventories as tangible goods that an organization employs in support activities, production of other items or goods for resale. Investment refers to routing of funds to acquire financial instruments in order to gain from their values appreciation or interest earnings (Finance maps of the world, 2012). Globalcustody defines security-lending collaterals as assets an entity hold as a guarantee on loans advanced to borrowers.

Beautifully Fabulous State

Statement of Net Assets

as of December 31, 2008

(in thousands)

Assets

Current assets:

Cash and cash equivalents

1,649.89

85.10

1,734.99

Receivables

6,269.80

44.14

6,313.94

Inventories

43.88

8.46

52.34

Investments

Securities lending collaterals

Other current assets

Total current assets

9,079.81

10,059.76

Non-current asset and deferred outflow:

Total capital assets

19,436.64

0.37

19,437.01

Interest in joint venture

32.43

0

32.43

Other non-current assets

59.85

20.50

80.35

Warrants outstanding

4.50

Deferred outflows

1,000.18

1,267.16

Total non-current assets and deferred outflows

20,638.47

20,930.82

Total assets

29,718.28

1,272.29

30,990.57

Likewise, non-current assets constitute of various components including warrants outstanding. Investopedia defines warrants as derivative securities that give the holder the right to purchase equity securities at a definite price within a specific period.....

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