Book Title: Accounting for Liabilities and Fund Balance

Book Description

Liabilities are defined as Indiana University’s financial obligations. In order for a transaction to qualify as a liability, Indiana University must be presented with an obligation, the obligation must be the result of past events, and settling the obligation must require an outflow of university resources. The fund balance is defined as the balance remaining after assets have been used to satisfy the outstanding liabilities. This book is designed to provide users with an understanding of liabilities and the fund balance within Indiana University.