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City of Elk River <br />Emerging Issues <br /> <br /> <br />24 <br />Executive Summary <br />The following is an executive summary of financial related updates to assist you in staying current on <br />emerging issues in accounting and finance. This summary will give you a preview of the new <br />standards that have been recently issued and what is on the horizon for the near future. The most <br />recent and significant updates include: <br /> <br />• Accounting Standard Update – GASB Statement No. 102 – Certain Risk Disclosures <br />GASB has issued GASB Statement No. 102 relating to risk disclosures. The disclosures will <br />provide users with timely information regarding certain concentrations or constraints and <br />related events that have occurred or have begun to occur that make a government vulnerable <br />to a substantial impact. <br />• Accounting Standard Update – GASB Statement No. 103 – Financial Reporting Model <br /> Improvements <br />GASB has issued GASB Statement No. 103 relating to changes in financial reporting <br />requirements. The changes provide clarity, enhance the relevance of information, provide <br />more useful information for decision-making, and provide for greater comparability amongst <br />government entities. <br />• Accounting Standard Update – GASB Statement No. 104 – Disclosure of Certain Capital <br /> Assets <br />GASB has issued GASB Statement No. 104 relating to capital asset disclosures. The disclosures <br />required by this Statement provide users of the financial statements with essential <br />information about certain types of capital assets. <br /> <br />The following are extensive summaries of the current updates. As your continued business partner, <br />we are committed to keeping you informed of new and emerging issues. We are happy to discuss <br />these issues with you further and their applicability to your City. <br /> <br /> <br /> <br />Page 399 of 637