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05-13-19-R
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05-13-19-R
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<br />-22- <br />An activity meeting the criteria should be reported in a fiduciary fund in the basic financial statements, <br />which should present a statement of fiduciary net position and a statement of changes in fiduciary net <br />position. This statement describes four fiduciary funds that should be reported, if applicable: (1) pension <br />(and other employee benefit) trust funds, (2) investment trust funds, (3) private-purpose trust funds, and <br />(4) custodial funds. Custodial funds generally should report fiduciary activities that are not held in a trust <br />or equivalent arrangement that meets specific criteria. <br /> <br />A fiduciary component unit, when reported in the fiduciary fund financial statements of a primary <br />government, should combine its information with its component units that are fiduciary component units <br />and aggregate that combined information with the primary government’s fiduciary funds. <br /> <br />This statement also provides for recognition of a liability to the beneficiaries in a fiduciary fund when an <br />event has occurred that compels the government to disburse fiduciary resources, defined as when a <br />demand for the resources has been made or when no further action, approval, or condition is required to <br />be taken or met by the beneficiary to release the assets. <br /> <br />The requirements of this statement are effective for reporting periods beginning after December 15, 2018. <br />Earlier application is encouraged. <br /> <br />GASB STATEMENT NO. 87, LEASES <br /> <br />A lease is a contract that transfers control of the right to use another entity’s nonfinancial asset as <br />specified in the contract for a period of time in an exchange or exchange-like transaction. Examples of <br />nonfinancial assets include buildings, land, vehicles, and equipment. Any contract that meets this <br />definition should be accounted for under the leases guidance, unless specifically excluded in this <br />statement. <br /> <br />Governments enter into leases for many types of assets. Under the previous guidance, leases were <br />classified as either capital or operating depending on whether the lease met any of the four tests. In many <br />cases, the previous guidance resulted in reporting lease transactions differently than similar nonlease <br />financing transactions. <br /> <br />The goal of this statement is to better meet the information needs of users by improving accounting and <br />financial reporting for leases by governments. It establishes a single model for lease accounting based on <br />the principle that leases are financings of the right-to-use an underlying asset. This statement increases the <br />usefulness of financial statements by requiring recognition of certain lease assets and liabilities for leases <br />that previously were classified as operating leases and recognized as inflows of resources or outflows of <br />resources based on the payment provisions of the contract. <br /> <br />Under this statement, a lessee is required to recognize a lease liability and an intangible right-to-use lease <br />asset, and a lessor is required to recognize a lease receivable and a deferred inflow of resources, thereby <br />enhancing the relevance and consistency of information about governments’ leasing activities. <br /> <br />To reduce the cost of implementation, this statement includes an exception for short-term leases, defined <br />as a lease that, at the commencement of the lease term, has a maximum possible term under the lease <br />contract of 12 months (or less), including any options to extend, regardless of their probability of being <br />exercised. Lessees and lessors should recognize short-term lease payments as outflows of resources or <br />inflows of resources, respectively, based on the payment provisions of the lease contract. The <br />requirements of this statement are effective for reporting periods beginning after December 15, 2019. <br />
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