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CCP 05-15-2006
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CCP 05-15-2006
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<br />rfj <br />r'61,~ <br /> <br />City of Arden Hills <br />April 14, 2006 <br />Page Eighteen <br /> <br />. <br /> <br />Future Accounting Standard Changes <br /> <br />The following Governmental Accounting Standards Board (GASB) Statements have been issued and may have an impact on <br />future City financial statements: <br /> <br />GASB Statement No. 42 - Accounting and Financial Reportingfor Impairment afCapital Assets andfor Insurance <br />Recoveries <br /> <br />This starement is effectjve for periods beginning after December 15~ 2004 and deals with the accounting and financial <br />reporting for impairment of capita] assets. According to the GASB, "This Statement improves financial reporting <br />because it requires governments to report the effects of capital asset impairments in their financial statements when they <br />occur rather than as a part of the ongoing depreciation expense for the capital asset or upon disposal of the capital asset. <br />Users of financial statements will better understand when impairments have occurred and what their financial Impact is <br />on the City. This statement also enhances comparability offi.nanclal statemen.ts bemeen govemments by requiring all <br />govemments to account for insurance recoveries in the same manner!' <br /> <br />GASB Statement No. 43 - Financial Reportingfor Post employment Benefit Plans Other than Pension Plans <br /> <br />This statement is effective one year prior to the effective date of Statement No. 45 for the employer or largest <br />pal1icipating employer in the benefit plan for multiple-employer plans. Accordingto Statement No. 43, "The objective <br />of this statement is to establish unifonn standards of financial reporting by State and local governmental entities for <br />other post employment benefit plans (OPEB plans), The term other post employment benefits (OPEB) refers to post <br />employment benefits other than pension benefits and includes (a) post employment healthcare benefits and (b) other <br />types of post employment benefits (for example, life insurance) if provided separately from a pension plan. The term <br />plans, in this context, refers to trust or other funds through which assets are accumulated to finance OPEB, and benefits <br />are paid as they come due. This Statement provides standards for measurement, recognition. and display of the assets, <br />liabilities, and, where appllcable, net assets and changes in net assets of such funds and for related disclosures. The <br />requirements of this statement apply whether an OPEB plan is reponed as a trust or agency fund or a fiduciary <br />component unit of a participating employer or plan sponsor, or the plan is separately repol1ed by a public employee <br />retirement system (PERS) or other entity that administers the plan." <br /> <br />. <br /> <br />GASB Statement No. 44 - Economic Condition Reporting: The Statistical Section an amendment ofNCGA Statement 1 <br /> <br />This statement only applies to 5tatistica1 sections of financial statements. It is effective for periods beginning after <br />lune 15,2005. The City currently docs not prepare a statistical section. <br /> <br />. <br /> <br />%2.835.9090 . Fax %2.835.3261 <br /> <br />www.aemcpaS.l:Olll <br />
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