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Future Accounting Standard Changes <br /> The following Governmental Accounting Standards Board(GASB)Statements have been issued and may have an impact on future <br /> the Utilities financial statements:(I) <br /> GASB Statement No.72-Fair Value Measurement and Application <br /> Summary <br /> This statement addresses accounting and financial reporting issues related to fair value measurements.The definition of fair value <br /> is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market <br /> participants at the measurement date.This Statement provides guidance for determining a fair value measurement for financial <br /> reporting purposes.This Statement also provides guidance for applying fair value to certain investments and disclosures related to <br /> all fair value measurements. <br /> Effective Date and Transition <br /> The requirements of this Statement are effective for financial statements for periods beginning after June 15,2015. Earlier <br /> application is encouraged. <br /> How the Changes in This Statement Will Improve Financial Reporting <br /> The requirements of this Statement will enhance comparability of financial statements among governments by requiring <br /> measurement of certain assets and liabilities at fair value using a consistent and more detailed definition of fair value and accepted <br /> valuation techniques.This Statement also will enhance fair value application guidance and related disclosures in order to provide <br /> information to financial statement users about the impact of fair value measurements on a government's financial position. <br /> GASB Statement No.73 -Accounting and financial reporting for pension and related assets that are not within the scope of <br /> GASB Statement No. 68, and amendments to certain provisions of GASB Statements No. 67 and No. 68 <br /> Summary <br /> The objective of this Statement is to improve the usefulness of information about pensions included in the general purpose <br /> external financial reports of state and local governments for making decisions and assessing accountability.This Statement results <br /> from a comprehensive review of the effectiveness of existing standards of accounting and financial reporting for all <br /> postemployment benefits with regard to providing decision-useful information,supporting assessments of accountability and <br /> interperiod equity,and creating additional transparency. <br /> This Statement establishes requirements for defined benefit pensions that are not within the scope of Statement No.68, <br /> Accounting and Financial Reporting for Pensions,as well as for the assets accumulated for purposes of providing those pensions. <br /> In addition,it establishes requirements for defined contribution pensions that are not within the scope of Statement 68.It also <br /> amends certain provisions of Statement No.67,Financial Reporting for Pension Plans,and Statement 68 for pension plans and <br /> pensions that are within their respective scopes. <br /> The requirements of this Statement extend the approach to accounting and financial reporting established in Statement 68 to all <br /> pensions,with modifications as necessary to reflect that for accounting and financial reporting purposes,any assets accumulated <br /> for pensions that are provided through pension plans that are not administered through trusts that meet the criteria specified in <br /> Statement 68 should not be considered pension plan assets.It also requires that information similar to that required by Statement <br /> 68 be included in notes to financial statements and required supplementary information by all similarly situated employers and <br /> nonemployer contributing entities. <br /> This Statement also clarifies the application of certain provisions of Statements 67 and 68 with regard to the following issues: <br /> 1. Information that is required to be presented as notes to the 10-year schedules of required supplementary information <br /> about investment-related factors that significantly affect trends in the amounts reported. <br /> 2. Accounting and financial reporting for separately financed specific liabilities of individual employers <br /> and nonemployer contributing entities for defined benefit pensions. <br /> People <br /> 3. Timing of employer recognition of revenue for the support of nonemployer contributing entities not in +Process. <br /> a special funding situation. <br /> 13e' 11(1tt� <br /> \utithers <br /> 167 <br />