Final answer:
Recent standards, specifically GASB Statement No. 84, do require all custodial funds to report a Statement of Fidiciary Net Position, and the answer to the student's question is true.
Step-by-step explanation:
The student's question addresses whether recent standards require all custodial funds to report a Statement of Fiduciary Net Position. The answer to this question is true. In the realm of governmental accounting, recent standards issued by the Governmental Accounting Standards Board (GASB) mandate that all custodial funds must present a Statement of Fiduciary Net Position. This reporting requirement stems from GASB Statement No. 84 on Fiduciary Activities, which was effective for reporting periods beginning after December 15, 2018. In essence, it establishes more detailed criteria for identifying fiduciary activities and how they should be reported.