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Compliance January 4, 2019
GASB Proposes Implementation Guide for Fiduciary Activities
The Board is asking for comments on the implementation guide for Statement No. 84, which provides guidance regarding what constitutes fiduciary activities for financial reporting purposes, the recognition of liabilities to beneficiaries, and how fiduciary activities should be reported.
Reported by Rebecca Moore
The Government Accounting Standards Board (GASB) has issued an Exposure Draft of a proposed Implementation Guide that clarifies, explains or elaborates on the requirements of Statement No. 84, Fiduciary Activities.
Statement No. 84 provides guidance regarding what constitutes fiduciary activities for financial reporting purposes, the recognition of liabilities to beneficiaries, and how fiduciary activities should be reported. It applies to all state and local governments.
The GASB is inviting comments on the proposed Implementation Guide. The Board says that because the proposed Implementation Guide may be modified before it is cleared as final, it is important that comments are made on any aspects with which stakeholders agree as well as any with which they disagree.
Comments are due by February 28.