The GASB issued GASB No. 84 Fiduciary Activities in January 2017 to improve the guidance regarding the identification of fiduciary activities for accounting and financial reporting purposes and how those activities should be reported. As is customary for new standards, GASB provides implementation guidance via the standard and implementation guides.

The GASB recently released an Exposure Draft of the proposed implementation guidance for Fiduciary Activities. The proposed implementation guide contains several questions and answers (Q&As) that would provide additional guidance. The Exposure Draft contains new questions and answers as well as amendments to previously issued Q&As. The items addressed by the Exposure Draft are:

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 would be effective for financial reporting periods beginning after December 15, 2018 with the exception of Question 5.2 and Question 5.5 which are effective for financial reporting periods beginning after June 15, 2019. Earlier application is encouraged if GASB No. 84 has been implemented or if the provisions of Question 5.2 and Question 5.5, as applicable, in Implementation Guide 2019-X, have been implemented.

Comments on the Exposure Draft are due by February 28, 2019. The full text of the Exposure Draft is available here.

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