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Future Accounting Standard Changes(Continued) <br /> A government may have a minority share(less than 50 percent)of ownership interest in a jointly owned tangible capital <br /> asset in which a nongovernmental entity is the majority owner and reports Its AGO in accordance vifth the guidance of <br /> another recognized accounting standards setter.Additionally, a government may have a minority share of ownership <br /> interest in a jointly owned tangible capital asset in is no joint owner has a majority ownership, and a nongovernmental <br /> joint owner that has operational responsibility for the jointly owned tangible capital asset reports the associated AGO in <br /> accordance with the guidance of another recognized accounting standards setter. In both situations,the government!a <br /> minority share of an AGO should be reported using the measurement produced by the nongovernmental majority owner or <br /> the nongovernmental minority owner that has operational responsibility,without adjustment to conform to the liability <br /> measurement and recognition requirements of this Statement. <br /> In some cases, governments are legally required to provide funding oro r financial assurance for their performance of <br /> asset retirement activities. This Statement requires disclosure of how those funding and assurance requirements are <br /> in met by a government, as well as the amount of any assets restricted for payment of the government's AROs, If not <br /> separately displayed in the financial statements. <br /> This Statement also requires disclosure of information out the nature of a government's AROs,the methods and <br /> assumptions used for the estimates of the liabilities, and the estimated remaining useful life of the associated tangible <br /> capital assets. If an AGO(or portions thereof)has been incurred by a government but is not yet recognized because it is <br /> not reasonably estimable,the government is required to disclose that fact and the reasons therefor.This Statement <br /> requires similar disclosures for a government's minority shares of AROs. <br /> Effective Date <br /> The requirements of this Statement are effective for reporting periods beginning after June 15,2018. Earlier application is <br /> encouraged. <br /> How the Changes in This Statement illi Financial Reporting <br /> This Statement will enhance comparability of financial statements among governments by establishing uniform criteria for <br /> governments to recognize and measure certain AROs, including obligations that may not have been previously reported. <br /> This Statement also will enhance the decision-usefulness of the information provided to financial statement use by <br /> requiring disclosures related to those AROs. <br /> GAS S;Statement No.84-Fiduciary Activities <br /> Summary <br /> The objective of this Statement is to improve guidance regarding the identification of fiduciary activities for accounting and <br /> financial reporting purposes and how those activities should be reported. <br /> This Statement establishes criteria for identifying fiduciary activities of all state and local governments.The focus of the <br /> criteria generally is on(1)whether a government is controlling the assets of the fiduciary activity and(2)the beneficiaries <br /> with whom a fiduciary relationship exists. Separate criteria are included to identify fiduciary component units and <br /> postemployment benefit arrangements that are fiduciary activities. <br /> An activity meeting the criteria should be reported in a fiduciary fund int basic financial statements. Governments with <br /> activities meeting the criteria should present a statement of fiduciary net position and a statement of changes in fiduciary <br /> net position.An exception to that requirement is provided for a business-type activity that normally expects to hold <br /> custodial assets for three months or less. <br /> This Statement describes four fiduciary funds that should be reported, if applicable: (1)pension(and other employee <br /> benefit)trust funds,(2)investment trust funds, (3)private-purpose trust funds, and(4)custodial funds. Custodial funds <br /> generally should report fiduciary activities that are not held in a trust ore iv I nt arrangement that meets specific criteria. <br /> %ogle <br /> +I Yomss, <br /> GGilt( <br /> evolsiti., <br /> 20 Nulfiber'.; <br /> 163 <br />