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 REPORT

Implementing a global statutory reporting maturity model

Assess your organization's capabilities and progress toward an ideal state of global statutory reporting. Sponsored by Workiva.

100th ANNIVERSARY

Black CPA Centennial, 1921–2021

With 2021 marking the 100th anniversary of the first Black licensed CPA in the United States, a yearlong campaign kicked off to recognize the nation’s Black CPAs and encourage greater progress in diversity, inclusion, and equity in the CPA profession.