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CITY OF CENTERVILLE, MINNESOTA <br /> NOTES TO THE FINANCIAL STATEMENTS <br /> DECEMBER 31, 2012 <br /> Note 7: ACCOUNTING CHANGE <br /> During fiscal year 2012, the City implemented several new accounting pronouncements issued by the Government <br /> Accounting Standards Board (GASB), including Statement No. 63, "Financial Reporting of Deferred Outflows of Resources, <br /> Deferred Inflows of Resources, and Net Position " and Statement No. 65, "Items Previously Reported as Assets and <br /> Liabilities ". These standards required a retroactive implementation which resulted in the restatement of beginning balances <br /> in the December 31, 2012 financial statements. Changes related to these standards are reflected in the financial statements <br /> and schedules and related disclosures are included in Note 1. <br /> As a result of the restatement of beginning balances, the following schedule reconciles the previously reported <br /> December 31, 2010 balances to the December 31, 2012 financial statements: <br /> Net Position <br /> December 31, 2010 Net Position <br /> as Previously January 1, 2011 <br /> Activities/Fund Reported (1) Restatement as Restated <br /> Governmental activities $ 10,360,171 $ (154,694) $ 10,205,477 <br /> (1) Write -off ofunamortized bond issuance cost balances at December 31, 2010. <br /> As a result of the restatement of beginning balances, the following schedule reconciles the previously reported <br /> December 31, 2011 balances to the December 31, 2012 financial statements: <br /> Net Position <br /> December 31, 2011 Net Position <br /> as Previously January 1, 2012 <br /> Activities/Fund Reported (1) Restatement as Restated <br /> Governmental activities $ 11,094,384 $ (178,177) $ 10,916,207 <br /> (2) Write -off of unamortized bond issuance cost balances at December 31, 2011. <br /> -70- <br /> 90 <br />