: GASB 65 alters how major funds are calculated by including these deferred elements in the percentage-based tests. Compliance for Local Governments :
: These elements are reported separately from assets and liabilities to show the "net position" of a government entity.
: Items like deferred revenue (e.g., property taxes received in advance) are reclassified as Deferred Inflows of Resources .
Reporting entities, including those filing through the Michigan Treasury Online Filing system , must use these classifications to remain in compliance with Generally Accepted Accounting Principles (GAAP).