Provide the Definition of the Following Terms as Outlined by GASB

question 39

Essay

Provide the definition of the following terms as outlined by GASB Concepts Statement No. 4, Elements of Financial Statements:
Assets
Liabilities
Net position
Inflows of resources
Outflows of resources

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Definitions:

IFRS

A collection of accounting norms established by the International Accounting Standards Board (IASB) known as International Financial Reporting Standards, which direct the global preparation of financial statements.

U.S. GAAP

Generally Accepted Accounting Principles in the United States, a standard framework of accounting rules for financial reporting.

IFRS

International Financial Reporting Standards; a set of accounting standards developed by the International Accounting Standards Board (IASB) for international use.

U.S. GAAP

The codification of how financial transactions and events are to be reported in the financial statements, developed and maintained by the Financial Accounting Standards Board (FASB) for the United States.