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.
Exposure Draft issued: January 2018
- Accounting and Financial Reporting Issues
- Project History
- Current Developments
- Work Plan
- Recent Minutes
- Task Force
- Project staff:
Implementation Guide for Fiduciary Activities—PROJECT PLAN
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:
Background: Specific issues were raised by respondents to the Exposure Draft, Fiduciary Activities, which were identified as candidates for consideration in an Implementation Guide. The staff is beginning to receive questions about the standards during speaking engagements, and technical inquiries are being submitted by stakeholders. Further, the project staff anticipates a high volume of questions once state and local governments begin to plan for initial implementation.
- How the standards may impact the application of Statement No. 14, The Financial Reporting Entity, as amended
- Applying the fiduciary activities criteria to pension and other postemployment benefit (OPEB) arrangements, including deferred compensation plans and defined contribution plans
- Applying the fiduciary activities criteria to activities that are not pension or OPEB arrangements
- Determining which fiduciary fund type should be used to report a fiduciary activity
- Reporting fiduciary activities in fiduciary fund financial statements
- Reporting of fiduciary activities by stand-alone business-type entities.
- Added to current technical agenda: December 2017
- Consultative group appointed? Yes
- Deliberations began: October 2018
- Exposure Draft issued: January 2018
Topics to Be Considered
|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:||Review ballot draft and consider a final Statement 84 Implementation Guide for clearance.|
Minutes of Meetings, December 17–19, 2018
The Board reviewed a ballot draft of an Exposure Draft of a proposed Implementation Guide, Fiduciary Activities, and provided suggestions for clarifying edits. The Board unanimously voted not to object to the issuance of an Exposure Draft of a proposed Implementation Guide.
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.