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

CPE Credits: 
1
Session Time: 
Sunday, May 21, 2017 - 3:50pm to 4:40pm
Speakers: 
Moderator
Controller, Accounting Division of the Bureau of Revenue and Financial Services
City of Portland, Oregon
Speaker
Partner
BKD, LLP
Speaker
Director of Business Services
Ascension Parish School Board
Speaker
Chairman
Governmental Accounting Standards Board
Field of Study: 
Accounting – Governmental
Description: 

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) has released Statement No. 84 that provides clear criteria on when fiduciary funds should be used. The new standard also replaces 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.