It's All About Trust: The GASB's New Guidance on Fiduciary Funds

CPE Credits: 
Session Time: 
Sunday, May 21, 2017 - 3:50pm to 4:40pm
Field of Study: 
Accounting – Governmental

Until now, it has not always been clear to financial statement preparers and auditors how to determine whether a given activity should be reported in a fiduciary fund. The Governmental Accounting Standards Board (GASB) will soon release a new statement that provides clear criteria on when fiduciary funds should be used. The new standard also will replace the traditional agency fund type with a new custodial fund type. This session will look in detail at the GASB’s new guidance on fiduciary funds and consider its likely impact on local governments.