1.Fiduciary funds use the modified accrual basis of accounting.
2.Fiduciary funds use the economic resource measurement focus.
3.Fiduciary Funds are not included in the government-wide financial statements.
4.Fiduciary Funds are used to account for assets held by a government acting as a trustee or agent for entities external to the governmental unit: Including individuals, organizations, and other governmental units.
5.Assets held in trust that are restricted to benefit the citizenry in general or in support of he reporting government’s programs would be reported as private purpose trust funds.
6.Assets held in trust that are restricted to benefit the citizenry in general or in support of he reporting government’s programs would be reported as permanent funds if nonexpendable.
7.Fiduciary fund financial statements include the Balance Sheet and the Statement of Changes in Fiduciary Net Assets.
8.Agency fund assets belong to the party or parties for which the government acts as agent.
9.Agency fund assets are offset by liabilities equal in amount, so no fund equity exists.
10.Agency funds report the excess of assets over liabilities as “net assets”.
7-1