GASB Statement No. 84, Fiduciary Activities: The Impact on Deferred Compensation Plans

INSIGHT Sep 11, 2019 1 min read

WRITTEN BY

Fred Lantz

Audit and Tax

To reduce reporting inconsistencies, the Governmental Accounting Standards Board (GASB) announced a new standard affecting governments and their reporting standards.

In the past few years alone, sweeping changes have affected governmental reporting standards and models to help keep future reporting as transparent and understandable as possible.

However, these new statements often lack clear definitions and guidance, yet have a significant impact on governmental activities.

Download our free informational update below for a summary of the update and some possible solutions.

GASB Statement No. 84 Update, Summary & Solutions

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CONTACT

Author

Frederick G. Lantz, CPA, is responsible for providing technical services to Sikich’s clients in all areas of governmental accounting, auditing, financial reporting, budget development, revenue and expenditure forecasting, and cash and debt management. Prior to joining Sikich, Fred was the assistant director for the Technical Services Center of the Government Finance Officers Association of the United States and Canada (GFOA), where he was a nationally recognized expert in the state and local government industry. At GFOA, Fred was responsible for managing the Certificate of Achievement for Excellence in Financial Reporting Program, providing accounting, auditing and financial reporting assistance to state and local government officials and their auditors, and serving as a liaison to the Governmental Accounting Standards Board. Fred also developed courses and served as lead instructor for governmental accounting, auditing and financial reporting training courses. He is a nationally recognized speaker, having spoken at state GFOA and CPA Society meetings and conferences.