Implementing GASB 84 Fiduciary Activities - A Primer

Does your governmental organization ever hold or otherwise control assets on behalf of, or for the benefit of, third-party beneficiaries? If so, you should be prepared for the impact of the new accounting standard on fiduciary activities.

In January 2017, the Governmental Accounting Standards Board (GASB) issued Statement No. 84 Fiduciary Activities (GASB 84), and in June 2020 amended the standard with the issuance of Statement No. 97 Certain Component Unit Criteria, and Accounting and Financial Reporting for Internal Revenue Code Section 457 Deferred Compensation Plans (GASB 97). These updates provide specific criteria for governmental reporting entities to identify and report fiduciary activities and further clarify how and when business-type activities should report fiduciary activities. While the standard is intended to enhance consistency and comparability for fiduciary activity reporting, navigating the standard may be daunting to some organizations.


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