Assume a government is a special-purpose entity engaged in fiduciary activities only. Which of the following financial statements would be required?
A) Statement of Fiduciary Net Position and Statement of Changes in Fiduciary Net Position.
B) Statement of Net Position and Statement of Activities.
C) Statement of Net Position, Statement of Activities, Statement of Fiduciary Net Position, Statement of Changes in Fiduciary Net Position.
D) Statement of Fiduciary Net Position, Statement of Changes in Fiduciary Net Position, and Statement of Cash Flows.

Question

Quizplus · Accepted Answer

Special-purpose governments engaged only in fiduciary activities prepare only the fund-basis statements required of fiduciary funds; the Statement of Fiduciary Net Position and the Statement of Changes in Fiduciary Net Position plus RSI. A Statement of Cash Flows is not required.

Assume a Government Is a Special-Purpose Entity Engaged in Fiduciary