2016-04-27 CC Packet - Laserfiche WebLink

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Future Accounting Standard Changes - Continued This Statement requires governments that enter into tax abatement agreements to disclose the following information about the agreements: • Brief descriptive information, such as the tax being abated, the authority under which tax abatements are provided, eligibility criteria, the mechanism by which taxes are abated, provisions for recapturing abated taxes, and the types of commitments made by tax abatement recipients. • The gross dollar amount of taxes abated during the period. • Commitments made by a government, other than to abate taxes, as part of a tax abatement agreement. Governments should organize those disclosures by major tax abatement program and may disclose information for individual tax abatement agreements within those programs. Tax abatement agreements of other governments should be organized by the government that entered into the tax abatement agreement and the specific tax being abated. Governments may disclose information for individual tax abatement agreements of other governments within the specific tax being abated. For those tax abatement agreements, a reporting government should disclose: • The names of the governments that entered into the agreements. • The specific taxes being abated. • The gross dollar amount of taxes abated during the period. Effective Date and Transition The requirements of this Statement are effective for financial statements for periods beginning after December 15, 2015. Earlier application is encouraged. How the Changes in This Statement Will Improve Financial Reporting The requirements of this Statement improve financial reporting by giving users of financial statements essential information that is not consistently or comprehensively reported to the public at present. Disclosure of information about the nature and magnitude of tax abatements will make these transactions more transparent to financial statement users. As a result, users will be better equipped to understand (1) how tax abatements affect a government's future ability to raise resources and meet its financial obligations and (2) the impact those abatements have on a government's financial position and economic condition. GASB Statement No. 78 - Pension Provided Through Certain Multiple -Employer Defined Benefit Pension Plans Summary The objective of this Statement is to address a practice issue regarding the scope and applicability of Statement No. 68, Accounting and Financial Reporting for Pensions. This issue is associated with pensions provided through certain multiple - employer defined benefit pension plans and to state or local governmental employers whose employees are provided with such pensions. Prior to the issuance of this Statement, the requirements of Statement 68 applied to the financial statements of all state and local governmental employers whose employees are provided with pensions through pension plans that are administered through trusts that meet the criteria in paragraph 4 of that Statement. This Statement amends the scope and applicability of Statement 68 to exclude pensions provided to employees of state or local governmental employers through a cost-sharing multiple -employer defined benefit pension plan that (1) is not a state or local governmental pension plan, (2) is used to provide defined benefit pensions both to employees of state or local governmental employers and to employees of employers that are not state or local governmental employers, and (3) has no predominant state or local governmental employer (either individually or collectively with other state or local governmental employers that provide pensions throughthe pension plan). This Statement establishes Peoplele requirements for recognition and measurement of pension expense, expenditures, and liabilities; note +oce S . disclosures; and required supplementary information for pensions that have the characteristics described above. i3t�ut ui ��„• -20- \utilbers