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Future Accounting Standard Changes - Continued <br />Effective Date <br />The requirements of this Statement are effective for reporting periods beginning after June 15, 2016. Earlier application is <br />encouraged. <br />How the Changes in This Statement Will Improve Financial Reporting <br />The requirements of this Statement enhance the comparability of financial statements among governments. Greater comparability <br />improves the decision -usefulness of information reported in financial statements and enhances its value for assessing government <br />accountability. <br />(1) Note. From GASB Pronouncements Summaries. Copyright 2015 by the Financial Accounting Foundation, 401 Merritt 7, Norwalk, <br />CT 06856, USA, and is reproduced with permission. <br />Restriction on Use <br />This communication is intended solely for the information and use of management, the City Council, others within the City, and the <br />Minnesota Office of the State Auditor and is not intended to be, and should not be, used by anyone other than these specified parties. <br />The comments and recommendation in this report are purely constructive in nature, and should be read in this context. Our audit <br />would not necessarily disclose all weaknesses in the system because it was based on selected tests of the accounting records and <br />related data. <br />If you have any questions or wish to discuss any of the items contained in this letter, please feel free to contact us at your convenience. <br />We wish to thank you for the continued opportunity to be of service, and for the courtesy and cooperation extended to us by your staff. <br />Otlb &)L 4 <br />4"ILL? <br />ABDO, EICK & MEYERS, LLP <br />Minneapolis, Minnesota <br />May 18, 2016 <br />-26- <br />People <br />+Process® <br />Going <br />Beyondthe <br />Numbers <br />