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Statements

Through December 2004 the GASB has issued 46 Statements. The following are recent Statements that will become effective:

Statement No. 39 - Determining Whether Certain Organizations Are Component Units—an amendment of GASB Statement No. 14 (Amends GASBS 14, ¶41 and ¶42)

The provisions of this statement are effective for periods beginning after June 15, 2003.

Provides criteria for determining whether certain organizations should be reported as component units. Will effect local governments that have related organizations that provide significant resources; examples could be school districts with related foundations or parent teacher organizations or libraries with friends of the library groups.

GASB No. 40 - Deposit and Investment Risk Disclosure – an amendment of GASB Statement No. 3

The provisions of this Statement are effective for financial statements for periods beginning after June 15, 2004.

The effect of this Statement is to update the custodial credit risk disclosure requirements and establish comprehensive disclosure requirements that address other common risks of deposits and investments. Will affect all state and local governments.

GASB No. 41 - Budgetary Comparison Schedules—Perspective Differences—an amendment of GASB Statement No. 34 (Amends GASBS 34, ¶130 and fn53)

This Statement should be implemented simultaneously with Statement 34. For governments that have implemented Statement 34 prior to the issuance of this Statement, the requirements of this Statement are effective for financial statements for periods beginning after June 15, 2002.

Addresses financial reporting situations that arise when budgetary perspective differences occur between budgetary information and the fund structure defined by Statement 34. Since most Minnesota local governments budget on a fund basis, this statement is not likely to affect Minnesota local governments.

GASB No. 42 - Accounting and Financial Reporting for Impairment of Capital Assets and for Insurance Recoveries

This Statement is effective for fiscal years beginning after December 15, 2004.

Establishes accounting and reporting requirements in situations where the use of significant capital assets has been impaired. Also, provides guidance on accounting for insurance recoveries. This Statement is applicable to all Minnesota local governments when there is an impairment of capital assets.

GASB No. 43 - Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans

Plans in which the sole or largest participating employer has total annual revenues in the first fiscal year ending after June 15, 1999 of:

  • $100 million or more are required to implement this Statement in financial statements for periods beginning after December 15, 2005.
  • $10 million or more but less than $100 million are required to implement this Statement in financial statements for periods beginning after December 15, 2006.
  • Less than $10 million are required to implement this Statement in financial statements for periods beginning after December 15, 2007.
This Statement establishes uniform financial reporting standards for state and local governments' other postemployment benefit plans. Applies to plans administered by state and local government entities that prepare financial statements.

GASB No. 44 - Economic Condition Reporting: The Statistical Section—an amendment of NCGA Statement 1

This Standard is effective for periods beginning after June 15, 2005.

This pronouncement establishes and modifies requirements related to supplementary information presented in a statistical section. Applies to those local governments that prepare a comprehensive annual financial report.

GASB No. 45 - Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions

Governments with total annual revenues in the first fiscal year ending after June 15, 1999 of:

  • $100 million or more are required to implement this Statement in financial statements for periods beginning after December 15, 2006.
  • $10 million or more but less than $100 million are required to implement this Statement in financial statements for periods beginning after December 15, 2007.
  • Less than $10 million are required to implement this Statement in financial statements for periods beginning after December 15, 2008.

All component units are required to implement this Statement no later than the same year as the primary government.

This Statement establishes standards of accounting and financial reporting for other postemployment (OPEB) benefit expense/expenditures and related OPEB liabilities or assets, note disclosures, and required supplementary information in the financial reports of state and local governments.

Applicable to all state and local governments that provide postemployment benefits other than pension benefits. Examples of OPEB could include healthcare, life insurance, disability, long-term care and other similar benefits.

GASB No. 46Net Assets Restricted by Enabling Legislation—an amendment of GASB Statement No. 34 (Amends GASBS 34 34)

The provisions of this Statement are effective for fiscal years beginning after June 15, 2005.

This statement establishes and modifies requirements related to restrictions of net assets resulting from enabling legislation. Applicable to all state and local governments.

To view summaries of these and previous GASB statements, you can go to the following: http://accounting.rutgers.edu/raw/gasb/st/index.html

Interpretations

GASB has issued 6 interpretations of their accounting statements. All are currently effective.

To view summaries of these GASB interpretations, you can go to the following: http://accounting.rutgers.edu/raw/gasb/st/index.html.

Technical Bulletins

The GASB has authorized their staff to prepare technical bulletins that provide further guidance on certain financial accounting and reporting problems. Recent technical bulletins are:

No. 2004-2 - Recognition of Pension and Other Postemployment Benefit Expenditures/Expense and Liabilities by Cost-Sharing Employers (December 2004)

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