Final answer:
The GASB recently changed the name of the Statement of Net Assets to the Statement of Net Position.
Step-by-step explanation:
The Governmental Accounting Standards Board (GASB) recently changed the name of the Statement of Net Assets to the Statement of Net Position. This change was made to better reflect the information presented in the financial statements and to align with the terminology used in the private sector. The Statement of Net Position provides information about the government entity's assets, liabilities, and net position, which is similar to the concept of net assets in the previous name.