GASB Had Issued a Proposed Standard That Would More Clearly

GASB had issued a proposed standard that would more clearly define fiduciary activities and change the categories of fiduciary funds. Activities meeting the definition of fiduciary in nature but that lack a formal trust agreement will in the future be reported in a new category, custodial fund. Custodial funds would include many activities currently reported in agency funds as well as pass-through grants and other activities lacking trust agreements.