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CCP 05-22-2006
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CCP 05-22-2006
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<br /> <br />City of Arden Hills <br />April 14, 2006 <br />Page Nineteen <br /> <br />GASB Statement No. 45 - Accounting and Financial Reporting by Employers for Post employment Benefits Other <br />Than Pensions <br /> <br />This. statement is effective in three phases based on a government's total annual revenues in tl1C first fiscal year ending <br />after June 15, 1999: <br /> <br />. Governments that were phase I governments for the purpose of implementation of Statement No. 34 - those with <br />annual revenues of $] 00 million or more - are required to implement this Statement in financial statements for <br />periods beginning after December 15~ 2006. <br /> <br />. Governments that were phase 2 govc111ments for the purpose ofimplcmentation 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 />financial ~tatements for periods heginning after December 15, 2007. <br /> <br />. Governments that were phase 3 govemments for the purpose ofimplementatlon of Statement No. 34 - those with <br />total annual revenues of1e~s than $10 million - are required to implement this Statement in financial statements for <br />periods beginning after December 15, 2008. <br /> <br />. <br /> <br />Statement No. 45 gives the followmg summary, "-]n addition to pensions, many state and local governmental employers <br />provide other post employment benefits (OPEB) as part ofthe total compensation offered to attract and retain the <br />services of quallfied employees. OPEB includes post employment healthcare, as well as other forms of post employment <br />benefits (for example, life insurance) when provlded separately from a pension plan. This Statement establishes <br />standards for the measurement,recognition, and dispfay ofOPEB expense/expenditures and related 11abihties (assets), <br />note disclosures, and, if applicable, required supplementary information (RSI) in the financial reports of state and local <br />governmental employers." <br /> <br />GASE Statement No. 46 - Net Assets Restricted by Legislation an amendment oIGASE Statement No. 34 <br /> <br />This statement lS effective for periods beginning after June 15,2005. Statement No. 46 gives the followlng summary <br />'""GASB Statement No. 34, Basic Financial Statements - and Management's Discussion and Analysis - for State and <br />Local Governments, requires that limitations on the llse of net assets imposed by enabling legislation be reported as <br />restricted net assets. In the process of applying this provision, some governments have had difficulty interpreting the <br />requirement that those restrictions be "legally enforceable." The confusion over this phrase has resulted in a diversity of <br />practice that has diminished comparability. <br /> <br />This Statement clarifies that a legally enforceable enabling legislation restriction is one that a party external to a <br />government - such as citizens, public interest groups, or the judiciary - can compel a government to honor. The <br />Statement states that the legal enforceability of an enabling legislation restriction should be reevaluated ifany of the <br />resources raised by the enabling legislation are used for a purpose not specified by the enabling legislation or if a <br />govemment has other cause for reconsideration. Although the determination that a particular restriction IS not legally <br />enforceable may cause a government to review the enforceability of other restrictions, 1t should not necessarily lead a <br />government to the same conclusion for all enabling legislation restrictions. <br /> <br />This Statement also specifies the accounting and financial reporting requirements ifnew enabling legislation replaces <br />existing enabling legislation or iflegaJ enforceability is reevaluated. Finally, this Statement requires governments to <br />disclose the p0/1JOn of total net assets that is restricted by enabling legislation:' <br /> <br />. <br /> <br />952.83.').9U9U . Fe" (152.H:lS.J261 <br /> <br />WWW.ilenwp,L~.("OJl) <br />
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