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.
