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.

Answer the following statement true (T) or false (F)


True

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.

Business

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