August 2020
Intermediate to advanced
656 pages
26h 52m
English
Content preview from Wiley GAAP for Governments 2020
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8FIDUCIARY FUNDS
- Introduction
- Agency Funds
- Pension (and Other Employee Benefit) Trust Funds
- 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 Units
- 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:
- Pension (and other employee benefit) trust funds.
- Investment trust funds.
- Private-purpose trust funds.
- 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 pension trust ...
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I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.