[Anonymous]

In Becker’s review, it states that Agency Funds is Full Accrual.

In Roger’s review, it states that Agency funds is Modified Accrual.

Can someone please explain to me which one is right? I am confuse here.

[Anonymous]

Agency Fund is under fiduciary funds. All funds under the fiduciary funds uses accrual accounting. therefore, an agency fund is full accrual. Becker is correct.

From the GASB site:

“Proprietary fund financial statements (including financial data for enterprise and internal service funds) and fiduciary fund financial statements (including financial data for fiduciary funds and similar component units) should be prepared using the economic resources measurement focus and the accrual basis of accounting.”

https://www.gasb.org/st/summary/gstsm34.html

[Anonymous]

thank you so much.

[Author]

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