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CITY OF CENTERVILLE, MINNESOTA <br />NOTES TO THE FINANCIAL STATEMENTS <br />DECEMBER 31, 2012 <br /> <br />Note 7: ACCOUNTING CHANGE <br /> <br /> <br />During fiscal year 2012, the City implemented several new accounting pronouncements issued by the Government <br />Financial Reporting of Deferred Outflows of Resources, <br />Deferred Inflows of Rand Items Previously Reported as Assets and <br /> 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 /> <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, 2010Net Position <br />as PreviouslyJanuary 1, 2011 <br />Activities/Fund <br />Reported(1) Restatementas Restated <br />Governmental activities$ 10,360,171$ (154,694)$ 10,205,477 <br />(1)Write-off of unamortized bond issuance cost balances at December 31, 2010. <br /> <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 /> <br />Net Position <br />December 31, 2011Net Position <br />as PreviouslyJanuary 1, 2012 <br />Activities/Fund <br />Reported(1) Restatementas 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 /> <br /> <br /> <br /> <br /> <br /> <br />-70- <br /> <br />