Laserfiche WebLink
<br />R <br />L <br /> <br /> <br />\ <br /> <br />city of Centerville <br />May ~, 2007 <br />Page Twenty <br /> <br />n <br /> <br />[J <br />tJ <br />C <br />8 <br />[ <br />[ <br />[ <br />ID <br />IE <br />Ie: <br />c <br />U..-...~ <br />._1 <br />, <br /> <br />~ <br />B <br />~ <br />b <br />6 <br /> <br />Future Accounting Standard Changes <br /> <br />The following Governmental Accounting Standards Board (GASB) Statements have <br />future City financial statements: <br /> <br /> <br />fld may have an impact on <br /> <br />GASB Statement No. 43 - Financial Reportingfor Post employment B <br /> <br />This statement is effective one year prior to the effective date of <br />participating employer in the benefit plan for multiple-emplo <br />this statement is to establish uniform standards offinancial <br />post employment benefit plans (OPEB plans). The term - <br />employment benefits other than pension benefits and includes <br />of post employment benefits (for example, life insmance) if prOVl <br />this context, refers to trust or other funds through which assets are <br />they come due. This statement provides ds for measurement, 11 <br />and, where applicable, net assets and changes" ets of such funds <br />this statement apply whether an OPEB plan is or agency <br />participating employer or plan sponsor, or the p rted by a p <br />or other entity that adminim;ers the plan." <br /> <br />GASH Statement No. 4S - <br />Pensions <br /> <br />'S for Post employment Benefits Other Than <br /> <br />ent's total annual revenues in the :first fiscal year ending <br /> <br />or the purpose of implementation of Statement No. 34 - those <br />e - are required to implement this Statement in financial <br />after December 15, 2006. <br /> <br />were p ernments for the purpose of implementation of Statement No. 34 - those <br />enues 0 million or more but less than $100 million - are required to implement this <br />stateft'ents for periods beginning after December IS, 2007. <br /> <br />phase 3 governments for the purpose of implementation of Statement No. 34 - those <br />venues ofless than $10 million - are required to implement this Statement in financial <br />. ods beginning after December IS, 2008. <br /> <br />e following summary, "In addition to pensions, many state and local governmental employers <br />provide other post loyment benefits (OPEB) as part of the total compensation offered to attract and retain the <br />services .of qualified employees. OPEB includes post employment hea1thcare, as well as other forms of post employment <br />benefits (for example, life insmance) when provided separately from a pension plan. This Statement establishes <br />standards for the measurement, recognition, and display ofOPEB expense/expenditures and related liabilities (assets), <br />note disclosures, and, if applicable, required supplementary information (RSI) in the financial reports of state and local <br />governmental employm." <br /> <br />952.835.9090.. Fax 952.835.3261 <br />www.aemcpas.com <br />