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<title>GASB Issues Guidance on Financial Activities</title>
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<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#44546A">Good Morning CAFR Contacts,<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#44546A"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#44546A">A new GASB Standard was issued today, impacting fiduciary funds. This is effective for periods beginning after December 15, 2018, or FY 2020 for the State.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#44546A"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#44546A">SARS will be thoroughly reviewing this standard and making OAM changes as necessary.
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#44546A"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#44546A">Please let me know if you have any questions.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#44546A"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#44546A">Rob<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#44546A"><o:p> </o:p></span></p>
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<p class="MsoNormal"><b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">From:</span></b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> Governmental Accounting Standards Board [mailto:gasbnews@gasb.org]
<br>
<b>Sent:</b> Wednesday, February 01, 2017 9:08 AM<br>
<b>To:</b> robert.w.hamilton@state.or.us<br>
<b>Subject:</b> GASB Issues Guidance on Financial Activities<o:p></o:p></span></p>
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<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal" style="line-height:125%"><span style="font-size:7.5pt;line-height:125%;font-family:"Helvetica",sans-serif;color:#253B63">An update from the Governmental Accounting Standards Board on recent activities or upcoming events.<o:p></o:p></span></p>
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<p class="MsoNormal" style="line-height:150%"><strong><span style="font-size:13.5pt;line-height:150%;font-family:"Helvetica",sans-serif;color:#505050">GASB Issues Guidance on Fiduciary Activities</span></strong><span style="font-size:10.0pt;line-height:150%;font-family:"Helvetica",sans-serif;color:#505050"><br>
<br>
The Governmental Accounting Standards Board (GASB) has issued guidance for state and local governments regarding what constitutes fiduciary activities for financial reporting purposes, how fiduciary activities should be reported, and when liabilities to beneficiaries
should be recognized.<br>
<br>
Governments currently are required to report fiduciary activities in fiduciary fund financial statements. Existing standards are not explicit, however, about what constitutes a fiduciary activity for financial reporting purposes. Consequently, there is diversity
in practice with regard to identifying and reporting fiduciary activities.<br>
<br>
</span><a href="http://gasb.us3.list-manage1.com/track/click?u=e043e1190253df702a1340ed7&id=f4e76495b9&e=2631ed37c7"><span style="font-size:10.0pt;line-height:150%;font-family:"Helvetica",sans-serif;color:#EF4142">GASB Statement No. 84</span></a><span style="font-size:10.0pt;line-height:150%;font-family:"Helvetica",sans-serif;color:#505050">,
<em><span style="font-family:"Helvetica",sans-serif">Fiduciary Activities</span></em>, establishes criteria for identifying fiduciary activities of all state and local governments. The criteria generally focus on:
<o:p></o:p></span></p>
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<li class="MsoNormal" style="color:#505050;mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;line-height:150%;mso-list:l0 level1 lfo3">
<span style="font-size:10.0pt;line-height:150%;font-family:"Helvetica",sans-serif">Whether a government is controlling the assets of the fiduciary activity, and<o:p></o:p></span></li><li class="MsoNormal" style="color:#505050;mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;line-height:150%;mso-list:l0 level1 lfo3">
<span style="font-size:10.0pt;line-height:150%;font-family:"Helvetica",sans-serif">The beneficiaries with whom a fiduciary relationship exists.<o:p></o:p></span></li></ul>
<p class="MsoNormal" style="line-height:150%"><span style="font-size:10.0pt;line-height:150%;font-family:"Helvetica",sans-serif;color:#505050">Separate criteria are included to identify fiduciary component units and postemployment benefit arrangements that
are fiduciary activities.<br>
<br>
An activity meeting the criteria in Statement 84 should be reported in a fiduciary fund in the basic financial statements. Governments with activities meeting the criteria should present a statement of fiduciary net position and a statement of changes in fiduciary
net position.<br>
<br>
Statement 84 describes four types of fiduciary funds that should be reported, if applicable. The Statement clarifies the definitions of the three existing fiduciary funds associated with trusts that meet specific criteria:
<o:p></o:p></span></p>
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<span style="font-size:10.0pt;line-height:150%;font-family:"Helvetica",sans-serif">Pension (and other employee benefit) trust funds<o:p></o:p></span></li><li class="MsoNormal" style="color:#505050;mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;line-height:150%;mso-list:l1 level1 lfo6">
<span style="font-size:10.0pt;line-height:150%;font-family:"Helvetica",sans-serif">Investment trust funds<o:p></o:p></span></li><li class="MsoNormal" style="color:#505050;mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;line-height:150%;mso-list:l1 level1 lfo6">
<span style="font-size:10.0pt;line-height:150%;font-family:"Helvetica",sans-serif">Private-purpose trust funds, and<o:p></o:p></span></li><li class="MsoNormal" style="color:#505050;mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;line-height:150%;mso-list:l1 level1 lfo6">
<span style="font-size:10.0pt;line-height:150%;font-family:"Helvetica",sans-serif">Custodial funds.<o:p></o:p></span></li></ul>
<p class="MsoNormal" style="line-height:150%"><span style="font-size:10.0pt;line-height:150%;font-family:"Helvetica",sans-serif;color:#505050">Activities now reported in agency funds will be classified as custodial funds when Statement 84 is implemented.<br>
<br>
The </span><a href="http://gasb.us3.list-manage.com/track/click?u=e043e1190253df702a1340ed7&id=2b726652dd&e=2631ed37c7"><span style="font-size:10.0pt;line-height:150%;font-family:"Helvetica",sans-serif;color:#EF4142">Statement</span></a><span style="font-size:10.0pt;line-height:150%;font-family:"Helvetica",sans-serif;color:#505050">
is available on the GASB website, </span><a href="http://gasb.us3.list-manage.com/track/click?u=e043e1190253df702a1340ed7&id=d36e8c956c&e=2631ed37c7"><span style="font-size:10.0pt;line-height:150%;font-family:"Helvetica",sans-serif;color:#EF4142">www.gasb.org</span></a><span style="font-size:10.0pt;line-height:150%;font-family:"Helvetica",sans-serif;color:#505050">.<o:p></o:p></span></p>
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