The primary financial statements for a government-sponsored pension plan are:
A) Balance sheet and statement of activities.
B) Balance sheet, statement of activities, and cash flows statement.
C) Statement of fiduciary net assets and a statement of changes in fiduciary net assets
D) Balance sheet, statement of activities, cash flows statement, and statement of funding progress.

Question

Quizplus · Accepted Answer

Government-sponsored pension plans primarily report using a Statement of Fiduciary Net Assets and a Statement of Changes in Fiduciary Net Assets. These statements focus on the resources available for benefits and changes in those resources, reflecting the fiduciary activities of the plan.

The Primary Financial Statements for a Government-Sponsored Pension Plan Are