How should governments report permanent fund and fiduciary

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Reference no: EM13482988

1. What is the distinction, as drawn by the GASB, between a fiduciary fund and a permanent fund?

2. How should governments report permanent fund and fiduciary fund balances and income in their government-wide statements? Explain

3. Why do the balance sheets of agency funds contain only assets and liabilities, but no fund balances? Why is it often unclear whether the resources relating to a particular activity should be accounted for in an agency fund or a governmental fund?

Reference no: EM13482988

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