General Purpose Preparer Checklist Updated
A checklist authored by the Government Finance Officers Association (“GFOA”) to help prepare comprehensive annual financial reports just received an update. General Purpose Preparer Checklist -2018 covers any pronouncements the Government Accounting Standards Board (“GASB”) has issued final documents up to GASB Statement No. 86, Certain Debt Extinguishment Issues. The updated checklist also references GASB Statement No. 84, Fiduciary Activities , even though the standard is not effective yet. One notable change to the GFOA checklist is the format. The complete list of required disclosures is replaced with a new reference tool to help locate any required disclosures in the authoritative literature. The tool will make it easier for preparers to. Read More.
Implementing GASB’s Fiduciary Activities Guidance
It has been a year since the Governmental Accounting Standards Board (“GASB”) issued GASB Statement No. 84, Fiduciary Activities , which helps classify fiduciary activities for financial reporting reasons. With the guidance going into effect for reporting periods starting after December 15, 2018, the GASB has released an article to help state and local governments prepare for implementing the new requirements. Visit GASB.org to read more about implementing the new fiduciary activities guidance.
GASB Releases Fiduciary Activities Article
The Governmental Accounting Standards Board (“GASB”) recently published an article covering its new guidance for governmental entities to help identify fiduciary activities, and determine whether and how business-type activities must report fiduciary activities. The article, Statement 84: Understanding Costs and Benefits: Fiduciary Activities, explains the board’s assessment of the expected costs and benefits of GASB Statement No. 84, Fiduciary Activities, and how the GASB concluded that the expected benefits exceed the cost. In addition, the article covers the board’s due process in implementing GASB Statement No. 84 and summarizes the standard’s costs and benefits.
New Fiduciary Activities Guidance Issued for Governments
New guidance has been issued by the Governmental Accounting Standards Board (“GASB”) on the categorization of fiduciary activities for financial reporting, how fiduciary activities are to be reported, and when liabilities to beneficiaries must be disclosed. The standard, GASB Statement No. 84, Fiduciary Activities , provides conditions for governments to classify their fiduciary activities. These conditions include determining whether a government controls the assets of the fiduciary activity and the beneficiaries wherein a fiduciary relationship is present. Other criteria are included for recognizing fiduciary component units and postemployment benefit agreements that are fiduciary activities. Any activity that meets the criteria stated in Statement 84 must be. Read More.
Topics: Custodial Funds, fiduciary activities, fiduciary activity reporting, GASB Statement, Governmental Accounting Standards Board "GASB", Investment Trust Funds, Pension Trust Funds, postemp, Private-purpose Trust Funds