21.If a government has no potential liability for payment of special assessment debt in the event of default by the property owners, then an agency fund may be used to account for the proceeds of the special assessment.
22.Agency funds report no revenues, expenses, or fund equity accounts.
23.If a government has a locally administered pension plan for which it is trustee, the government would report the locally administered plan as a pension trust fund in the basic financial statements.
24.The purpose of a Statement of Fiduciary Net Position for a defined benefit pension plan is to enable the reader to determine whether the pension plan is sufficiently funded.
25.The purpose of the Schedule of Changes in Net Pension Liability and Required Ratios (part of the required supplementary information) is to enable the reader to determine whether the pension plan is sufficiently funded.
26.Governments offering postemployment benefits to their retired employees must present two financial statements related to their plans: the Statement of FiduciaryNet Position and the Statement of Changes in FiduciaryNet Position, as well as additional required supplementary information.
27.GASB Standards require that IRS 457 Deferred Compensation Plans, if administered by the governmental unit, be reported as pension trust funds.
28.An investment trust fund is used to account for the internal portion of a multi-government investment pool, when the reporting government is trustee.
29.Governmental investments in equity securities that have a determinable fair value are to be reported at fair value and any unrealized gains and losses are to be reported separately from realized gains and losses in the governmental operating statements.
30.Property that reverts to government ownership upon the death of the owner because of a lack of identifiable heirs is termed Escheat Property.