Which financial statements are required for individual fiduciary fund types?

The required financial statements for individual fiduciary fund types are the statement of fiduciary net position and the statement of changes in fiduciary net position. These statements provide a clear summary of the assets, liabilities, and net position of the fiduciary funds at a specific point in time, as well as the changes in those items over the reporting period.

The statement of fiduciary net position outlines what the fiduciary fund owns (assets), what it owes (liabilities), and the net position, which represents the difference between assets and liabilities. This is essential for accounting and transparency in fiduciary activities, as it shows how well the fiduciary is managing resources on behalf of others.

The statement of changes in fiduciary net position captures the inflows and outflows that affect the net position during the reporting period. It includes revenues, expenditures, and any other changes that occurred, providing insight into the fund’s operational performance.

This requirement is distinct from other types of funds, which may have different reporting requirements based on their nature and usage. For example, governmental funds often utilize a statement of revenues and expenditures, but fiduciary funds specifically require the statements associated with net position due to their unique purpose in representing assets held in trust or for the benefit of others