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City of Centerville <br />March 28, 2012 <br />Page 17 <br />Future Accounting Standard Changes — Continued <br />GASB Statement No. 62 - Codification of Accounting and Financial Reporting Guidance Contained in Pre - November 30, 1989 <br />FAS3 and A /CPA Pronouncements <br />Summary <br />The objective of this Statement is to incorporate into the GASB's authoritative literature certain accounting and financial reporting <br />guidance that is included in the following pronouncements issued on or before November 30, 1989, which does not conflict with <br />or contradict GASB pronouncements: <br />1. Financial Accounting Standards Board (FASB) Statements and Interpretations. <br />2. Accounting Principles Board Opinions. <br />3. Accounting Research Bulletins of the American Institute of Certified Public Accountants' (AICPA) Committee on <br />Accounting Procedure. <br />This Statement also supersedes Statement No. 20, Accounting and Financial Reporting for Proprietary Funds and Other <br />Governmental Entities That Use Proprietary Fund Accounting. <br />The requirements of this Statement are effective for financial statements for periods beginning after December 15, 2011. Earlier <br />application is encouraged. The provisions of this Statement generally are required to be applied retroactively for all periods <br />presented. <br />How the Changes in This Statement Will Improve Financial Reporting <br />The requirements in this Statement will improve financial reporting by contributing to the GASB's efforts to codify all sources of <br />generally accepted accounting principles for state and local governments so that they derive from a single source. <br />GASB Statement No. 63 - Financial Reporting of Deferred Outflows of Resource4 Deferred Inflows of Resource4 and Net <br />Position <br />Summary <br />This Statement provides financial reporting guidance for deferred outflows of resources and deferred inflows of resources. <br />Previous financial reporting standards do not include guidance for reporting those financial statement elements, which are distinct <br />from assets and liabilities. <br />How the Changes in This Statement Will Improve Financial Reporting <br />The requirements of this Statement will improve financial reporting by standardizing the presentation of deferred outflows of <br />resources and deferred inflows of resources and their effects on a government's net position. <br />952.835.9090 • Fax 952.835.3261 <br />w w w.aemcpas. corn <br />