GASB 84 White Paper: Understanding the Statement to Implement Efficiently in Your School District

CPAs & Advisors

Jennifer Watkins
Jennifer Watkins CPA Principal CPAs & Advisors

Print Friendly, PDF & Email
The Governmental Accounting Standards Board (GASB) issued Statement No. 95 in May 2020. The main objective of the Statement, Postponement of the Effective Dates of Certain Authoritative Guidance, was to provide temporary relief to governments and other stakeholders due to the COVID-19 pandemic. GASB postponed the effective dates of specific provisions that first became effective or were scheduled to become effective for periods beginning after June 15, 2018.
Specifically, the effective date of Statement No. 84, Fiduciary Activities, was postponed by one year. This Statement’s requirements are now effective for reporting periods beginning after December 15, 2020, and therefore for school districts’ fiscal year 2021, if the district did not opt for early implementation. GASB 84 defines and clarifies fiduciary activities and establishes criteria for identifying those activities, focusing on whether a government controls the assets and the beneficiaries with whom the relationship exists.
Download our whitepaper, GASB 84: Understanding the Four Types of Fiduciary Funds in School Districts to learn about the standard and the technical accounting changes. The white paper focuses on:
  • The four types of fiduciary funds
  • Two questions to ask when determining if a fund is a fiduciary activity
  • How to identify Type 2 and Type 4 assets
  • Changes in basic financial statements for fiduciary funds
  • GASB 84 FAQs

Want To Learn More?

Connect with one of our professionals today.