A fund known as an agency fund is used to keep track of the assets held by a government while it is temporarily serving as the agent of another government unit, a private party, or both.
<h3>Do agency funds qualify as fiduciary funds?</h3>
Financial statements for fiduciary funds must be used by governments to report their fiduciary activities. These disclosures disclose four different categories of fiduciary funds in accordance with current regulations: agency funds, investment trust funds, private-purpose trust funds, and pension (and other employee benefit) trust funds.
<h3>Agency money and custodial funds are the same, right?</h3>
The biggest change is that, whereas Agency funds had previously displayed everything in the Statement of Fiduciary Net Position as assets and liabilities, Custodial funds would now display Net Position (the difference between assets and liabilities) where it had not previously been.
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