The GASB previously issued GASB No. 84 Fiduciary Activities regarding the identification of fiduciary activities for accounting and financial reporting purposes and how those activities should be reported. As is customary for newly issued GASB standards, GASB provides implementation guidance via standard and implementation guides. The GASB has released the implementation guidance for Fiduciary Activities. The implementation guide contains several question and answer sections (Q&As) that provide additional guidance as well as amendments to previously issued Q&As.

Issue 1: Identifying Fiduciary Activities Q&As

• Fiduciary Component Units
• Pension and OPEB Arrangements That Are Not Component Units
• Other Fiduciary Activities
• Control Of Assets
• Own-Source Revenues

Issue 2: Reporting Fiduciary Activities In Fiduciary Funds Q&As

• Investment Trust Funds
• Private-Purpose Trust Funds
• Custodial Funds & Business-Type Activities Exception

Issue 3: Statement Of Fiduciary Net Position Q&As

Issue 4: Statement Of Changes In Fiduciary Net Position Q&As

Issue 5: Reporting Fiduciary Component Units Q&As

Issue 6: Amendments To Previously Issued Q&As

The requirements of this implementation guide are effective for financial reporting periods beginning after December 15, 2018. Earlier application is encouraged, if GASB No. 84 has been implemented by an entity.

The full text of the Implementation Guide is available here.

 

^{Readers should not act upon information presented without individual professional consultation.}