Fiduciary Funds Account

Context:
- It can (typically) be composed of a Agency Funds and Trust Funds.
- It can (typically) be reported on an Accrual Basis and an Economic Resources Measurement Focus.
- …
Example(s):
- Palo Alto's Agency Funds and Palo Alto's Trust Funds.
- …
Counter-Example(s):
- a Governmental Funds.
- a Proprietary Funds.
See: Governmental Activities Funds.

References

(Wikipedia, 2016) ⇒ http://en.wikipedia.org/wiki/fund_accounting#State_and_local_government_funds Retrieved:2016-1-7.
- State and local governments use three broad categories of funds: governmental funds, proprietary funds and fiduciary funds.
  Fiduciary funds are used to account for assets held in trust by the government for the benefit of individuals or other entities.^[1] The employee pension fund, created by the State of Maryland to provide retirement benefits for its employees, is an example of a fiduciary fund. Financial statements may further distinguish fiduciary funds as either trust or agency funds; a trust fund generally exists for a longer period of time than an agency fund.^[2]

http://www.gasb.org/jsp/GASB/GASBContent_C/UsersArticlePage&cid=1176156736184
- QUOTE: … The proprietary and fiduciary funds report information using an accrual basis and economic resources measurement focus, similar to the type of information reported in the financial statements of not-for-profit organizations and corporations