A liability is reported in fiduciary funds when an event occurs that compels a government to disburse fiduciary resources.

Question

Quizplus · Accepted Answer

GASB Statement No. 84, paragraph 21, explains that a liability is reported in fiduciary funds when an event occurs that compels a government to disburse fiduciary resources. An event could be a demand being made for the resources or simply when no further action, approval, or condition is required to be taken or met by the beneficiary to release the assets.

A Liability Is Reported in Fiduciary Funds When an Event