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<br /> <br /> <br /> <br /> <br /> <br /> r COUNTY OF HAWAII <br /> STATE OF HAWAII <br /> Recently Issued Governmental Accounting Pronouncements <br /> For the Fiscal Year ended June 30, 2005 <br /> <br /> <br /> r <br /> ¦ GASB Statement No. 44: Economic Condition Reporting: The Statistical Section - an <br /> Amendment of National Council on Government Accounting <br /> (NCGA) Statement 1. <br /> This statement amends the portions of NCGA Statement 1, <br /> Governmental Accounting and Financial Reporting Principles, <br /> that guide the preparation of the statistical section. The statistical <br /> section presents detailed information, typically in ten-year trends, <br /> that assists users in utilizing the basic financial statements, notes to <br /> basic financial statements, and required supplementary information <br /> to assess the economic condition of a government. The provisions <br /> of this statement are effective for statistical sections prepared for <br /> periods beginning after June 15, 2005. <br /> ¦ GASB Statement No. 45: Accounting and Financial Reporting by Employers for <br /> Postemployment Benefits Other Than Pensions. <br /> <br /> In addition to pensions, many state and local governmental <br /> employers provide OPEB as part of the total compensation offered <br /> to attract and retain the services of qualified employees. OPEB <br /> includes postemployment healthcare, as well as other forms of <br /> postemployment benefits (for example, life insurance) when <br /> provided separately from a pension plan. This statement <br /> establishes standards for the measurement, recognition, and <br /> display of OPEB expense/expenditures and related liabilities <br /> (assets), note disclosures, and, if applicable, required <br /> supplementary information in the financial reports of state and <br /> local governmental employers. <br /> The approach followed in this statement generally is consistent <br /> with the approach adopted in Statement No. 27, Accounting for <br /> Pensions by State and Local Governmental Employers, with <br /> modifications to reflect differences between pension benefits and <br /> OPEB. Statement No. 43, Financial Reporting for Postemployment <br /> Benefit Plans Other Than Pension Plans, addresses financial <br /> i statement and disclosure requirements for reporting by <br /> administrators or trustees of OPEB plan assets or by employers or <br /> sponsors that include OPEB plan assets as trust or agency funds in <br /> their financial reports. <br /> <br /> IM <br /> 7 <br /> <br /> <br /> 5 (Continued) <br />