GASB Issues Fiduciary Activities Implementation Guide

The Governmental Accounting Standards Board (GASB) recently issued a new implementation guide regarding standards on accounting and financial reporting for fiduciary activities.

Implementation Guide No. 2019-2, Fiduciary Activities, is a question-and-answer document that clarifies how to apply the requirements of GASB Statement No. 84, Fiduciary Activities. The questions and answers are applicable to entities (including public higher education institutions and direct support organizations) that follow generally accepted accounting principles (GAAP) when preparing financial statements.

The requirements of the implementation guide are effective for reporting periods beginning after December 15, 2018. If you have already performed early implementation of GASB 84 provisions, then earlier adoption of these requirements is encouraged.

We also recommend contacting James Moore’s higher education CPAs to see how these requirements affect your institution or organization.

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