Each trust fund type must be reported in its own column on the fiduciary fund financial statements.

Question

Quizplus · Accepted Answer

Each trust fund type, such as pension or investment trust fund, must be reported in its own column on the fiduciary fund financial statements in order to provide transparency and a clear understanding of the financial activity for each fund type. This is required by Generally Accepted Accounting Principles (GAAP).

Each Trust Fund Type Must Be Reported in Its Own