Laserfiche WebLink
ELK RIVER MUNICIPAL UTILITIES <br /> ELK RIVER,MINNESOTA <br /> NOTES TO FINANCIAL STATEMENTS <br /> DECEMBER 31,2003 AND 2002 <br /> Note 6: CHANGE IN ACCOUNTING PRINCIPLE <br /> During fiscal year 2003,the Utilities implemented several new accounting pronouncements issued by the Government <br /> Accounting Standards Board(GASB). They are Statement No. 34,"Basic Financial Statements-and Management's <br /> Discussion and Analysis-for State and Local Governments", Statement No. 37, "Basic Financial Statements-and <br /> Management's Discussion and Analysis-for State and Local Governments: Omnibus",and Statement No.38, "Certain <br /> Financial Statement Note Disclosures",paragraphs 6 through 11. <br /> The effect of this change resulted in a prior period adjustment of$1,290,759 and$1,061,925 in the Electric and Water <br /> fund,respectively,to restate contributed capital as retained earnings in the December 31,2002 financial statements. <br /> -22- <br /> • <br /> • <br />