New GASB guide addresses fiduciary activities

By Jeff Drew

GASB published a new implementation guide that answers questions about recently issued GASB standards on accounting and financial reporting for fiduciary activities.

Implementation Guide No. 2019-2, Fiduciary Activities, issued Monday, provides guidance about how to apply the provisions of GASB Statement No. 84, Fiduciary Activities.

Specific topics addressed include:

  • Identifying fiduciary activities.
  • Reporting fiduciary activities in fiduciary funds.
  • Statement of fiduciary net position.
  • Statement of changes in fiduciary net position.

The guide also includes amendments to previously released Q&A guides issued in 2015 and 2017.

The requirements of the new guide are effective for financial reporting periods beginning after Dec. 15, 2018.

— Jeff Drew (Jeff.Drew@aicpa-cima.com) is a JofA senior editor.

SPONSORED WHITE PAPER

Preparing the statement of cash flows

This instructive white paper outlines common pitfalls in the preparation of the statement of cash flows, resources to minimize these risks, and four critical skills your staff will need as you approach necessary changes to the process.

RESOURCES

Keeping you informed and prepared amid the COVID-19 crisis

We’re gathering the latest news stories along with relevant columns, tips, podcasts, and videos on this page, along with curated items from our archives to help with uncertainty and disruption.