Project Pages

Implementation Guidance—Fiduciary Activities

Project Description: The objective of this project is to publish question-and-answer guidance to assist state and local governments and other stakeholders in addressing implementation issues associated with Statement No. 84, Fiduciary Activities.

Initial Deliberations: October 2018

Implementation Guide for Fiduciary Activities—PROJECT PLAN

Background: Specific issues were raised by respondents to the Exposure Draft, Fiduciary Activities, which were identified as candidates for consideration in an Implementation Guide.

Accounting and Financial Reporting Issues: This project addresses issues related to the key aspects of Statement 84. Potential topics include but are not limited to:
  1. How the standards may impact the application of Statement No. 14, The Financial Reporting Entity, as amended
  2. Applying the fiduciary activities criteria to pension and other postemployment benefit (OPEB) arrangements, including deferred compensation plans and defined contribution plans
  3. Applying the fiduciary activities criteria to activities that are not pension or OPEB arrangements
  4. Determining which fiduciary fund type should be used to report a fiduciary activity
  5. Reporting fiduciary activities in fiduciary fund financial statements
  6. Reporting of fiduciary activities by stand-alone business-type entities. 
Guidance would be limited to clarifying, explaining, or elaborating on the standards contained in Statement 84.

Project History:
  • Added to Current Agenda: December 2017
  • Initial Deliberations began: October 2018
Current Developments: The project staff is identifying issues and developing potential
implementation guide questions and answers for the Board’s consideration. A
consultative group was appointed to aid the project staff in identifying and developing
questions. At its July 2018 meeting, the Governmental Accounting Standards Advisory
Council (GASAC) provided further feedback on potential issues that the GASAC
members believe should be considered for inclusion in the Implementation Guide.

Work Plan:

Board Meetings

Topics to Be Considered

December 2018: Review ballot draft and consider an Exposure Draft of a proposed Statement 84 Implementation Guide for clearance
January–February 2019: Comment period
April 2019: Redeliberate issues based on respondent feedback and review preballot draft of final Statement 84 Implementation Guide
May 2019 (T/C): Review ballot draft and consider a final Statement 84 Implementation Guide for clearance

Implementation Guide for Fiduciary Activities—RECENT MINUTES

Minutes of Meetings, November 14–16, 2018
The Board reviewed a preballot draft of an Exposure Draft of a proposed Implementation Guide, Fiduciary Activities, and provided suggestions for clarifying edits and the removal of Question 4.5. The Board did not object to preparing a ballot draft of an Exposure Draft of a proposed Implementation Guide.
Minutes of Meetings, October 2–4, 2018
The Board reviewed potential questions and answers related to an implementation guide for fiduciary activities, provided suggestions for clarifying edits, and tentatively did not object to the proposed questions and answers, as modified. The Board also did not object to moving forward with a preballot draft of a proposed Implementation Guide.