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About Bulletin 2020-003 |
This bulletin describes reporting requirements for Governmental Accounting Standards Board (GASB) Statement No. 84, Fiduciary Activities. |
GASB 84 includes guidance for identifying fiduciary activities for accounting and financial reporting purposes and how those activities should be reported. |
The GASB issued an Implementation Guide to supplement the guidance found in GASB 84. The Guide is organized in a question-and-answer format. |
The requirements of this Statement apply to all Ohio state and local governments that prepare GAAP (Generally Accepted Accounting Principles) Statements, including those with a GAAP reporting requirement per Ohio Admin. Code (OAC) §117-02-03(B). Some other governments may be subject to GAAP reporting requirements, such as through a debt covenant. |
GASB 84 is effective for financial statements for periods beginning after December 15, 2018. Meaning, governments with a December 31 fiscal year end must apply it to their December 31, 2019, GAAP financial statements; school districts and other governments with a June 30 fiscal year-end must apply GASB 84 to their June 30, 2020, GAAP financial statements. Guidance from the implementation guide will also be effective at this time. |
Any local governments that early implemented GASB 84 will also need to apply the guidance from the implementation guide. |
If you have any questions regarding the information presented in the Bulletin, please contact Local Government Services at the Auditor of State’s Office at (800) 345-2519.
Please click the link to read Auditor of State Bulletin 2020-003 on reporting requirements for fiduciary activities.
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