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.

Where to find January’s flipbook issue

The Journal of Accountancy is now completely digital. 

 

 

 

SPONSORED REPORT

Get Clients Ready for Tax Season

This comprehensive report looks at the changes to the child tax credit, earned income tax credit, and child and dependent care credit caused by the expiration of provisions in the American Rescue Plan Act; the ability e-file more returns in the Form 1040 series; automobile mileage deductions; the alternative minimum tax; gift tax exemptions; strategies for accelerating or postponing income and deductions; and retirement and estate planning.