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<br /> <br /> <br /> <br /> <br /> <br /> COUNTY OF HAWAII <br /> STATE OF HAWAII <br /> ' Recently Issued Governmental Accounting Pronouncements <br /> rr For the Fiscal Year ended June 30, 2005 <br /> <br /> <br /> r <br /> The following are recently issued governmental accounting pronouncements which should be evaluated for their <br /> impact to the County upon adoption: <br /> r ¦ GASB Statement No. 42: Accounting and Financial Reporting for Impairment of Capital <br /> _ Assets andfor Insurance Recoveries. <br /> <br /> This statement establishes accounting and financial reporting <br /> standards for impairment of capital assets. A capital asset is <br /> ' considered impaired when its service utility has declined <br /> ¦ significantly and unexpectedly. This statement also clarifies and <br /> establishes accounting requirements for insurance recoveries. The <br /> " provisions of this statement are effective for fiscal periods <br /> ,r beginning after December 15, 2004. <br /> ¦ GASB Statement No. 43: Financial Reporting for Postemployment Benefit Plans Other Than <br /> Pension Plans. <br /> r <br /> This statement establishes uniform financial reporting standards <br /> for other postemployment benefit (OPEB) plans and supersedes <br /> the interim guidance included in GASB Statement No. 26, <br /> Financial Reporting for Postemployment Healthcare Plans <br /> Administered by Defined Benefit Pension Plans. The approach <br /> r followed in this statement generally is consistent with the approach <br /> adopted in GASB Statement No. 25, Financial Reporting for <br /> Defined Benefit Pension Plans and Note Disclosures for Defined <br /> Contribution Plans, with modifications to reflect differences <br /> between pension plans and OPEB plans. <br /> The requirements of this statement are effective one year prior to <br /> the effective date of GASB Statement No. 45 (see below), for the <br /> employer (single-employer plan) or for the largest participating <br /> employer in the plan (multiple-employer plan). The requirements <br /> of this statement are effective in three phases based on a <br /> government's total annual revenues in the first fiscal year ending <br /> after June 15, 1999, either for periods beginning after <br /> ¦ December 15, 2005, December 15, 2006, or December 15, 2007. <br /> Earlier application of this statement is encouraged. <br /> ¦ <br /> <br /> <br /> ¦ <br /> <br /> <br /> ¦ <br /> 4 (Continued) <br /> <br /> ¦ <br />