CCP 05-22-2006 - Laserfiche WebLink

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m I ti?;t filL~ City of Arden Hills Apri] ]4,2006 Page Twenty CASB Statement No. 47 - Accountingfor Tennination Benf'jits In general, Statement No. 47 is effective for financial statements for periods beginning after June 15,2005. However, for termination benefits that affect defined benefit post employment benefits other than pensions, governments should implement Statement No. 47 simultaneously with Statement No. 45, Accounting and Financial Reponing by Employers for Post employment Benefits Other Than Pensions. The Statement provides accounting and reporting guidance for state and local governments that offer benefits such as early retirement inClTItives or severance to employees that are involuntarily tenninated. The Statement requires that similar fOffilS of termination benefits be accountc"d for in the same manner and is intended to enhance both the consistency of reponing for termination benefits and the comparability of financial statements. -x * * 'k * This rcpOli is intended solely for the information and use of the Council, management, others within the City and the Minnesota Office of the State Auditor, and is not intended to be and should not be used by anyone other than these specified parties. OUT audit would not necessarily disclose all \veaknesses in the system because it was based on selected tests of the accounting records and related data. The comments and recommendations in the report are purely constructive in nature, and should be read in this context. If you have any questions or wish to discuss any of the items contained in this letter, please feel free to contact us at your convemence. We wish to thank YOll for the opp011unity to be of servjce and for the courtesy and cooperation extended to us by your staff. April ]4,2006 Minneapolis, Mlnnesota ABDO, E]CK & MEYERS, LLP Certified Public Accountants 952.83S.9090 . Fax 9.')2.335.3261 www.m:mepas.com . . .