GASB Issues Implementation Guide on Fiduciary Activities
June 19, 2019
The Governmental Accounting Standards Board (GASB) has issued a new Implementation Guide that contains questions and answers about the GASB’s recently issued standards on accounting and financial reporting for fiduciary activities.
Implementation Guide No. 2019-2, Fiduciary Activities, answers many questions about how to apply the provisions of GASB Statement No. 84, Fiduciary Activities. GASB Implementation Guides are intended to clarify, explain, or elaborate on the requirements of Board pronouncements.
Printed copies will be available through the GASB Store in the coming weeks.
The questions and answers contained in GASB Implementation Guides constitute Category B authoritative guidance under generally accepted accounting principles (GAAP). The guidance is applicable to all state and local governments that follow GAAP when preparing their financial statements.