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Future Accounting Standard Changes (Continued) <br /> How the Changes in This Statement Will Improve Accounting and Financial Reporting <br /> This Statement will increase the usefulness of governments' financial statements by requiring reporting of certain lease <br /> liabilities that currently are not reported. It will enhance comparability of financial statements among governments by <br /> requiring lessees and lessors to report leases under a single model. This Statement also will enhance the decision- <br /> usefulness of the information provided to financial statement users by requiring notes to financial statements related to the <br /> timing, significance, and purpose of a government's leasing arrangements. <br /> (1)Note. From GASB Pronouncements Summaries. Copyright 2017 by the Financial Accounting Foundation, 401 Merritt 7, <br /> Norwalk, CT 06856, USA, and is reproduced with permission. <br /> Restriction on Use <br /> This communication is intended solely for the information and use of the Public Utilities Commission, City Council, <br /> management, and the Minnesota Office of the State Auditor and is not intended to be and should not be used by anyone <br /> other than these specified parties. <br /> The comments and recommendations in this report are purely constructive in nature, and should be read in this context. <br /> Our audit would not necessarily disclose all weaknesses in the system because it was based on selected tests of <br /> accounting records and 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 <br /> convenience. We wish to thank you for the opportunity to be of service and for the courtesy and cooperation extended to <br /> us by your staff. <br /> , • titik 4 INIA0 <br /> )1t# <br /> ABDO, EICK& MEYERS, LLP <br /> Minneapolis, Minnesota <br /> March 28, 2018 <br /> People <br /> +Process. <br /> Goin; <br /> }3eNond ti <br /> 14 \Lai the r s <br /> 64 <br />