Industry Insights

Changes to Government Reporting of Fiduciary Activities

March 2017

By laying out a series of criteria, Statement No. 84, Fiduciary Activities, clarifies whether a state or local government—including a government engaged in standalone, business-type activities (BTA)—has a fiduciary responsibility. Criteria for identifying assets a government should report as fiduciary focus on whether the government is controlling the assets and the nature of the asset’s beneficiaries. Activities meeting the criteria will be reported in one of four fiduciary fund types in the basic financial statements, with an exception for BTAs expecting to hold custodial fund assets for three months or less.

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