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<br /> <br /> <br /> <br /> <br /> <br /> COUNTY OF HAWAII <br /> STATE OF HAWAPI <br /> Recently Issued Governmental Accounting Pronouncements <br /> ¦1 For the Fiscal Year ended June 30, 2005 <br /> <br /> <br /> i <br /> The requirements of this statement are effective in three phases <br /> based on a government's total annual revenues in the first fiscal <br /> M year ending after June 15, 1999, either for periods beginning after <br /> December 15, 2006, December 15, 2007, or December 15, 2008. <br /> Early application of this statement is encouraged. <br /> M ¦ GASB Statement No. 46: Net Assets Restricted by Enabling Legislation - an amendment of <br /> GASB Statement No. 34. <br /> <br /> r This statement clarifies that a legally enforceable enabling <br /> legislation restriction is one that a party external to a <br /> government-such as citizens, public interest groups, or the <br /> judiciary-can compel a government to honor. The statement <br /> states that the legal enforceability of an enabling legislation <br /> restriction should be reevaluated if any of the resources raised by <br /> the enabling legislation are used for a purpose not specified by the <br /> enabling legislation or if a government has other cause for <br /> reconsideration. Although the determination that a particular <br /> restriction is not legally enforceable may cause a government to <br /> review the enforceability of other restrictions, it should not <br /> w. necessarily lead a government to the same conclusion for all <br /> enabling legislation restrictions. <br /> This statement also specifies the accounting and financial reporting <br /> requirements if new enabling legislation replaces existing enabling <br /> legislation or if legal enforceability is reevaluated. Finally, this <br /> statement requires governments to disclose the portion of total net <br /> assets that is restricted by enabling legislation. The requirements of <br /> this statement are effective for financial statements for periods <br /> beginning after June 15, 2005. <br /> ¦ GASB Statement No. 47 Accounting for Termination Benefits <br /> rr <br /> This statement establishes accounting standards for termination <br /> benefits. The requirements of this statement are effective in two <br /> parts. For termination benefits provided through an existing <br /> defined benefit OPEB plan, the provisions of this statement should <br /> be implemented simultaneously with the requirements of <br /> Statement 45. For all other termination benefits, this statement is <br /> effective for financial statements for periods beginning after <br /> June 15, 2005. Earlier application is encouraged. <br /> 9111 <br /> <br /> <br /> 6 <br /> w <br />