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ELK RIVER MUNICIPAL UTILITIES <br /> ELK RIVER,MINNESOTA <br /> NOTES TO THE FINANCIAL STATEMENTS <br /> DECEMBER 31,2015 <br /> Note 6: CHANGE IN ACCOUNTING STANDARDS <br /> During 2015,the Utilities implemented several new accounting pronouncements issued by the Governmental Accounting <br /> Standards Board(GASB),including Statement No.68,Accounting and Financial Reporting for Pensions-an Amendment of <br /> GASB Statement No. 27 and Statement No. 71,Pension Transition for Contributions Made Subsequent to the Measurement <br /> Date-an Amendment of GASB Statement No. 68, for the year ended December 31,2015. These standards required a <br /> retroactive implementation which resulted in the restatement of beginning balances in the December 31,2014 financial <br /> statements.Changes related to these standards are reflected in the financial statements and schedules and related disclosures <br /> are included in Note 3. <br /> As a result of the restatement of beginning balances,the following schedule reconciles the previously reported <br /> December 31,2014 balances to the December 31,2015 financial statements: <br /> December 31,2015 <br /> Net Position <br /> January 1,2015 Net Position <br /> as Previously Prior Period January 1,2015 <br /> Fund Reported Restatement(1) as Restated <br /> Business-type activities <br /> Electric $ 32,969,053 $ (2,431,445) $ 30,537,608 <br /> Water 23,086,536 (269,711) 22,816,825 <br /> Total business-type activities $ 56,055,589 $ (2,701,156) $ 53,354,433 <br /> (1) To record beginning net pension liability and deferred outflow of resources at December 31,2014. <br /> 145 <br />