Governmental Accounting and Auditing Update

Solutions

Chapter 1

Knowledge check solutions

1.  
   1. Incorrect. GASB Statement No. 84, Fiduciary Activities, is not effective for reporting periods beginning after June 15, 2017.
   2. Incorrect. GASB Statement No. 84, Fiduciary Activities, is not effective for reporting periods beginning after December 15, 2016.
   3. Incorrect. GASB Statement No. 84, Fiduciary Activities, is not effective for reporting periods beginning after June 15, 2018.
   4. Correct. GASB Statement No. 84, Fiduciary Activities, is effective for reporting periods beginning after December 15, 2018.
2.  
   1. Incorrect. The assets associated with the activity are controlled by the government is a criterion to be a fiduciary activity.
   2. Correct. The assets associated with the activity are not derived solely from the government’s own-source revenues is not a criterion to be a fiduciary activity.
   3. Incorrect. The assets are administered through a trust in which the government itself is not a beneficiary, dedicated to providing benefits to recipients in accordance with the benefit terms, and legally protected from the creditors of the government. is a criterion to be a fiduciary activity.
   4. Incorrect. The assets associated with the activity are not derived from government-mandated nonexchange transactions is a criterion to be a fiduciary activity.
3.  
   1. Incorrect. The assets are administered through a trust where the government is not a beneficiary, dedicated to providing benefits to recipients in accordance with the benefit terms, and legally protected ...