Tribal Gaming Enterprises: Improved Guidance for Fiduciary Activities

– By Michel Knott

In January 2017, the Governmental Accounting Standards Board (GASB) issued Statement No. 84, Fiduciary Activities (the Statement). The main objective of this Statement is to enhance the consistency and comparability of fiduciary activity reporting. Additionally, this Statement is intended to improve the usefulness of fiduciary activity information used in assessing the accountability of governments and their enterprises in their fiduciary responsibilities.

Applicability and Effective Date
The requirements of this Statement apply to the financial statements of all state and local governments. This includes all governmental activities, business-type activities, and component units of the government reporting entity. The provisions of this Statement need not be applied to immaterial items. The requirements of this Statement are effective for reporting periods beginning after December 15, 2018 (i.e. the year ending on December 31, 2019 for those using the calendar year). Earlier application is encouraged.

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