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GASB Summaries |
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GASB Summaries |
Accounting:FASB SummariesFASB Exposure Drafts GASB Summaries GASB Exposure Drafts AICPA White Paper Taxation:Federal Tax FormsNew York State Tax Forms New York City Tax Forms Other State Tax Forms Tax Acct. & Regulatory Bulletin Ethics & RegulationCode of ConductBriefing Book on Issues Risk ManagementPeer Review SummariesRisk Mgt.& Liability Guidebook BookshelfOther CPA Journal PublicationsForensic & Litigation Svcs. Directory Career Opportunities Handbook |
Statement No. 21 Accounting for Escheat Property STATUS Issue Date: October 1993 Effective Date: For periods beginning after June 15, 1994 Affects: Supersedes NCGAI 9, paragraph 11 Amends SOP 77-2, paragraph 4 Affected by: No other pronouncements Primary Codification Section Reference: E70 Abbreviations for Accounting Pronouncements GASBS - GASB Statements GASBI - GASB Interpretations GASBTB - GASB Technical Bulletins GASBCS - GASB Concepts BFC - Basis for Conclusions NCGAS - NCGA Statements NCGAI - NCGA Interpretations SOP - AICPA Statements of Position ASLGU - AICPA Audit Guide SUMMARY This Statement establishes standards for the fund type to be used to report escheat property and for reporting liabilities and interfund transfers relating to escheat property. An escheat is the reversion of property to a governmental entity in the absence of legal claimants or heirs. This Statement requires escheat property generally to be reported in either an expendable trust fund or the fund to which the property ultimately escheats (the "ultimate fund"). Escheat revenue should be reduced and a fund liability reported to the extent that it is probable that escheat property will be reclaimed and paid to claimants. Payments to claimants should reduce the liability. If escheat property is initially reported in an expendable trust fund, amounts transferred to the ultimate fund should be reported as an operating transfer. If, as a result of the transfer, the remaining assets of the expendable trust fund are less than the liabilities of that fund, the difference should be reported as an "advance to" in the expendable trust fund and an "advance from" in the ultimate fund. If, however, the escheat assets of the expendable trust fund exceed the liabilities of that fund, the difference should be reported as fund balance. The provisions of this Statement are effective for financial statements for periods beginning after June 15, 1994. Earlier application is encouraged. Unless otherwise specified, pronouncements of the GASB apply to financial reports of all state and local governmental entities, including public benefit corporations and authorities, public employee retirement systems, governmental utilities, governmental hospitals and other healthcare providers, and governmental colleges and universities. Paragraph 3 discusses the applicability of this Statement. Copyright by Governmental Accounting Standards Board. All Rights Reserved. Used by Permission. Click Here for Order Information
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