1. news
  2. FINANCIAL REPORTING

New GASB guide addresses fiduciary activities

By Jeff Drew

Please note: This item is from our archives and was published in 2019. It is provided for historical reference. The content may be out of date and links may no longer function.

Related

TOPICS

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.