Topic: Describe GASB requirements for accounting for Investment Trust Funds
Subject:Accounting
Volume: 1 page
Type: Essay
Format: APA
Description
Describe GASB requirements for accounting for Investment Trust Funds. Include (a) a discussion of when the use of investment trust funds is appropriate; (b) the investments to be included and excluded; (c) the basis at which investments are to be reported; (d) reporting of realized and unrealized gains and losses on investments; and (e) financial reporting (i.e., financial statements). 7-10. What are the required financial statements for a pension trust fund? What are the required supplementary information schedules? 7-11. With regard to current GASB standards for pension reporting, do the following: a. Distinguish between (1) defined contribution plans and (2) defined benefit plans. b. Distinguish between (1) agent and (2) cost-sharing multiemployer plans. c. Define the following terms: (1) plan fiduciary net position and (2) net pension liability. d. Distinguish between reporting for employers for (1) general government employees and for (2) enterprise fund employees. USE THIS BOOK AS A REFERENCE Copley, P.A. (2014). Essentials of Accounting for Governmental and Not-for-Profit Organizations.
