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CCP 05-22-2006
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CCP 05-22-2006
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<br />~ <br />I'?;t <br />flL~ <br /> <br />City of Arden Hills <br />April 14,2006 <br />Page Eighteen <br /> <br />. <br /> <br />Future Accounting St30dard 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 of Capital Assets andfor Insurance <br />Recoveries <br /> <br />This statement is effective for periods beginning after December 15, 2004 and deals with the accounting and financial <br />reponing for impalrment of capital 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 \.viIl better understand when impairments have occurred and wnat their financial impact is <br />on the City. This statement also enhances comparability of financlal statements betwcC'TI governments by requlring all <br />governments to account for insurance recoveries in the same manner." <br /> <br />GASB Statement No. 43 - Financial Reporting/or 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 />participating employer in the benefit plan for multiple-employer plans. According to Statement No. 43, "The objective <br />of this statement is to establish uniform standards offinancial 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 t<:..'TITI <br />plans, in this context, refers to trust or other funds through which assets are accumulated to finance OPEB, and benefits <br />2re paid as they come due. This Statement provides standards for measurement, rccof:,'Tlition, and display oftne assets, <br />liabihties, and, where applicable, 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 reported as a rrust or agency fund or a fiduciary <br />componem unit of a participating employer or plan sponsor, or the plan is separately reported 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} <br /> <br />This statement only applies to statistical sections of financial statcm<:"'Dts.lt is effective for periods beginning after <br />June] 5,2005. The City currently docs not prepare a statistical section. <br /> <br />. <br /> <br />952.8.15.9090 . Fax 952.R:).').:{261 <br /> <br />WWW.demq.Ja::i.l:Ulll <br />
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