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.

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