COM 0770.000 2020-2022 - Laserfiche WebLink

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COUNTY OF HAWAII Notes to the Basic Financial Statements June 30,2021 The category of Other for the Restricted, Committed and Assigned fund balances on the Governmental Funds Balance Sheet include funds restricted for the purposes of housing and rental assistance;parks and recreation projects; general and public safety facilities; liquor control;taxicab investigations; special duty officers and sewer loan programs. Net Position When both restricted and unrestricted net position are available for use,it is the County's policy to use restricted net position first,and then unrestricted net position. New Accounting Pronouncements In May 2020, GASB issued Statement No. 95,Postponement of the Effective Dates of Certain Authoritative Guidance. The primary objective of this Statement is to provide temporary relief to governments and other stakeholders in connection with the COVID-19 pandemic. This Statement postponed the effective dates of the following Statements that may have an impact on the County's financial statements: In January 2017, GASB issued Statement No. 84,Fiduciary Activities. The principal objective of this Statement is to enhance the consistency and comparability fiduciary activity reporting by state and local governments. The requirements of this Statement are effective for reporting periods beginning after December 15,2019, as postponed by GASB 95. The County implemented these requirements as of and for the fiscal year ended June 30,2021. See additional discussion at the bottom of this section. In June 2017, GASB issued Statement No. 87,Leases. The objective of this Statement is to better meet the information needs of financial statement users by improving accounting and financial reporting for leases by governments. The requirements of this Statement are effective for reporting periods beginning after June 15,2021. The County has not yet determined the effect this Statement will have on its financial statements. In June 2018, GASB issued Statement No. 89,Accounting for Interest Cost Incurred Before the End of a Construction Period. The objectives of this Statement are (I)to enhance the relevance and comparability of information about capital assets and the cost of borrowing for a reporting period and (2)to simplify accounting for interest cost incurred before the end of a construction period. The requirements of this Statement are effective for reporting periods beginning after December 15,2020, as postponed by GASB 95. The County has not yet determined the effect this Statement will have on its financial statements. In August 2018, GASB issued Statement No. 90,Majority Equity Interests-An Amendment of GASB Statements No. 14 and No. 61. The objectives of this Statement are to improve the consistency and comparability of reporting a government's majority equity interest in a legally separate organization and to improve the relevance of financial - 60 -