6.1. SR 06-03-2013 - Laserfiche WebLink

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City of Elk River May 17,2013 Page 17 Future Accounting Standard Changes The following Governmental Accounting Standards Board(GASB)Statements have been issued and may have an impact on future City financial statements: GAS❑Statement ❑o FM-The Financial Reporting Entity: Omnibus an Amendment of GASB Statements No. 14 and No. 34 Summary The objective of this Statement is to improve financial reporting for a governmental financial reporting entity. The requirements of Statement No. 14 and the related financial reporting requirements of Statement No. 34,were amended to better meet user needs and to address reporting entity issues that have arisen since the issuance of those Statements. This Statement modifies certain requirements for inclusion of component units in the financial reporting entity. This Statement also amends the criteria for reporting component units as if they were part of the primary government(that is,blending)in certain circumstances. This Statement clarifies the reporting of equity interests in legally separate organizations as well.It requires a primary government to report its equity interest in a component unit as an asset. The provisions of this Statement are effective for financial statements for periods beginning after June 15,2012.Earlier application is encouraged. [low the Changes in This Statement ❑ ill Improve Financial Reporting The requirements of this Statement result in financial reporting entity financial statements being more relevant by improving guidance for including,presenting,and disclosing information about component units and equity interest transactions of a financial reporting entity. GAS❑Statement ❑o FM-Technical Corrections-an Amendment of GASB Statements No. 10 and No. 62 Summary The objective of this Statement is to improve accounting and financial reporting for a governmental financial reporting entity by resolving conflicting guidance that resulted from the issuance of two pronouncements, Statements No. 54,Fund Balance Reporting and Governmental Fund Type Definitions,and No. 62,Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements. The provisions of this Statement are effective for financial statements for[periods beginning after December 15,2012.Earlier application is encouraged. [low the Changes in This Statement ❑ ill Improve Financial Reporting The requirements of this Statement resolve conflicting accounting and financial reporting guidance that could diminish the consistency of financial reporting and thereby enhance the usefulness of the financial reports. 952.835.9090 • Fax 952.835.3261 www.aemcpas.com