The Governmental Accounting Standards Board has posted a proposed implementation guide with a set of questions and answers about GASB’s new standards on accounting and financial reporting for fiduciary activities of state and local governments.
The exposure draft includes proposed answers to dozens of questions about GASB Statement No. 84, Fiduciary Activities. The standard sets up criteria for identifying fiduciary activities of all state and local governments. The focus of the criteria generally is on whether a government is controlling the assets of the fiduciary activity and the beneficiaries with whom a fiduciary relationship exists. Separate criteria identify fiduciary component units and postemployment benefit arrangements that are fiduciary activities.
GASB Implementation Guides aim to clarify, explain, or elaborate on the requirements of GASB pronouncements. The exposure draft is available on GASB’s website. GASB is asking stakeholders to review and provide comments on the proposed implementation guide by Feb. 28, 2019. 
