At the Time This Textbook Went to Publishing, the GASB

question 139

Essay

At the time this textbook went to publishing, the GASB had issued a proposed standard that would more clearly define fiduciary activities and change the categories of fiduciary funds. Under the proposed standard, pension and postemployment benefit trusts continue to be reported in fiduciary funds. Additionally, fiduciary activities include activities in which a government controls assets that are not derived solely from the government's own tax or service revenue, and one or more of four criteria is met:
Name the four criteria that would require a fund to be classified as a fiduciary?

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Definitions:

Employee Polygraph Protection Act

A federal law that prohibits most private employers from using lie detector tests, either for pre-employment screening or during the course of employment.

Lie Detector Test

A psychological examination that measures physiological responses to determine the truthfulness of an individual's statements, commonly known as a polygraph test.

State Insurance Fund

A government-established fund designed to provide insurance, such as workers' compensation, to employers within the state, often serving as insurer of last resort.

Workers' Compensation Statute

Legislation that provides financial and medical benefits to employees who are injured or become ill as a direct result of their job.