Brilliant Accounting Principles Of Fiduciary Funds

Allison CPA UNC School of Government Our Very Ambitious Agenda Overview of governmental GAAP Fund accounting and financial reporting Government-wide accounting and financial reporting.

Accounting principles of fiduciary funds. The course will provide an overview of governmental accounting. Statement of fiduciary net position. Accounting for Fiduciary Activities October 24 2006 Introduction 1.

GASBS 34 updated the types of fiduciary funds to include the following. Capital Asset Management System Requirements. We recommend first taking Governmental Accounting 100 and Governmental Accounting 200 or have equivalent experience before taking this course.

Governmental Accounting 300 Proprietary Fiduciary Funds will focus in on the accounting for proprietary and fiduciary funds. And 3 Pay required amounts to beneficiaries. They are held on behalf of others and therefore they cannot be used to fund the governments own expenses.

A fiduciary fund is used in governmental accounting to report on assets held in trust for others. There is no accrual basis in fiduciary accounting. Cash Basis of Accounting Next the basis of accounting is the cash basis.

Ie full accrual accounting and focus on flows of economic resources Capital assets and long-term liabilities are recorded in the funds if applicable. Fiduciary Funds Characteristics and Financial Reporting Accounting is similar to that for proprietary funds. In other words these are the funds that are held by the government as a trustee.

First the accounts should be stated in a manner that is understandable by any person even when they are not familiar with practices and terminology common in the administration of estates and trusts. 1 Maintain trust records. This statement defines fiduciary activity1 and provides accounting and reporting guidance for fiduciary activities.