Wiley GAAP for Governments 2019

8FIDUCIARY FUNDS

• Introduction
• Agency Funds
  • Pass‐Through Grants
  • Special Assessments
• Pension (and Other Employee Benefit) Trust Funds
  • Deferred Compensation Plans
• Investment Trust Funds
• Private‐Purpose Trust Funds
  • GASB Statement 84 Fiduciary Activities
  • Identifying Fiduciary Activities
  • Fiduciary Component Units
  • Pension and OPEB Arrangements That Are Not Component Units99
  • Other Fiduciary Activities
  • Control of Assets
  • Own‐Source Revenues
  • Reporting Fiduciary Activities in Fiduciary Funds
  • Statement of Fiduciary Net Position
  • Statement of Changes in Fiduciary Net Position
  • Reporting Fiduciary Component Units
  • Effective Date
• Summary

INTRODUCTION

Governments are often required to hold or manage assets on behalf of others. NCGAS 1 recognized the need for fiduciary funds (known as trust and agency funds prior to GASBS 34), “to account for assets held by a governmental unit in a trustee capacity or as an agent for individuals, private organizations, other governmental units, and/or other funds.”

GASBS 34 updated the types of fiduciary funds to include the following:

1. Pension (and other employee benefit) trust funds.
2. Investment trust funds.
3. Private‐purpose trust funds.
4. Agency funds.

The funds are reported under GASBS 34 only in fiduciary fund financial statements. They are not reported as part of the government‐wide financial statements.

Each of these fund types is described below. In addition, Chapter 22 describes the accounting and financial reporting principles used by ...