My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
ERMUSR FINIANCIALS 04-17-2008
ElkRiver
>
City Government
>
Boards and Commissions
>
Utilities Commission
>
Packets
>
2003-2013
>
2008
>
04-17-2008
>
ERMUSR FINIANCIALS 04-17-2008
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
1/30/2009 2:08:44 PM
Creation date
1/30/2009 1:40:55 PM
Metadata
Fields
Template:
City Government
type
ERMUSR
date
4/17/2008
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
85
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
Elk River Municipal Utilities <br />Apri17, 2008 <br />Page 10 <br />Future Accounting Standard Changes <br />The following Governmental Accounting Standards Board (GASB) Statements have been issued and may have an impact on <br />future Utilities fmancial statements: <br />GASB Statement No. 43 -Financial Reporting for Postemployment Benefit Plans Other than Pension Plans <br />This statement is effective one year prior to the effective date of Statement No. 45 for the employer or largest participating <br />employer in the benefit plan for multiple-employer plans. According to Statement No. 43, "The objective of this Statement is <br />to establish uniform standards of fmancial reporting by State and local governmental entities for other postemployment <br />benefit plans (OPEB plans). The term other postemployment benefits (OPEB) refers to postemployment benefits other than <br />pension benefits and includes (a) postemployment healthcare benefits and (b) other types of postemployment benefits (for <br />example, life insurance) if provided separately from a pension plan. The term plans, in this context, refers to trust or other <br />funds through which assets are accumulated to fmance OPEB, and benefits are paid as they come due. This Statement <br />provides standards for measurement, recognition, and display of the assets, liabilities, and, where applicable, net assets and <br />changes in net assets of such funds and for related disclosures. The requirements of this Statement apply whether an OPEB <br />plan is reported as a trust or agency fund or a fiduciary component unit of a participating employer or plan sponsor, or the <br />plan is separately reported by a public employee retirement system (PERS) or other entity that administers the plan." <br />GASB Statement No. 45 -Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than <br />Pensions <br />This statement is effective in three phases based on a government's total annual revenues in the first fiscal year ending after <br />June 15, 1999: <br />• Governments that were phase 1 governments for the purpose of implementation of Statement No. 34 -those with <br />annual revenues of $100 million or more -are required to implement this Statement in financial statements for <br />periods beginning after December 15, 2006. <br />• Governments that were phase 2 governments for the purpose of implementation of Statement No. 34 -those with <br />total annual revenues of $10 million or more but less than $100 million -are required to implement this Statement in <br />fmancial statements for periods beginning after December 15, 2007. <br />Governments that were phase 3 governments for the purpose of implementation of Statement No. 34 -those with <br />total annual revenues of less than $10 million -are required to implement this Statement in fmancial statements for <br />periods beginning after December 15, 2008. <br />Statement No. 45 gives the following summary, "In addition to pensions, many state and local governmental employers <br />provide other postemployment benefits (OPEB) as part of the total compensation offered to attract and retain the services of <br />qualified employees. OPEB includes postemployment healthcare, as well as other forms of postemployment benefits (for <br />example, life insurance) when provided separately from a pension plan. This Statement establishes standards for the <br />measurement, recognition, and display of OPEB expense/expenditures and related liabilities (assets), note disclosures, and, if <br />applicable, required supplementary information (RSI) in the financial reports of state and local governmental employers." <br />952.835.9090 Fax 952.835.3261 <br />www.aemcpas.com <br />
The URL can be used to link to this page
Your browser does not support the video tag.