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COUNTY OF HAWAII <br /> STATE OF HAWAII <br /> Recently Issued Governmental Accounting Pronouncements <br /> For the Fiscal Year ended June 30, 2006 <br /> The following are recently issued governmental accounting pronouncements that should be evaluated for their <br /> impact to the County upon adoption: <br /> <br /> 'r • GASB Statement No. 43: Financial Reporting jor Postemployment Benefit Plans Other Than <br /> Pension Plans. <br /> This statement establishes uniform financial reporting standazds for <br /> other postemployment benefit (OPEB) plans and supersedes the <br /> interim guidance included in GASB Statement No. 26, Financial <br /> Reporting for Postemployment Healthcare Plans Administered by <br /> Defined Benefit Pension Plans. The approach followed in this <br /> statement generally is consistent with the approach adopted in GASB <br /> a. Statement No. 25, Financial Reporting for Defined Benefit Pension <br /> Plans and Note Disclosures for Defined Contribution Plans, with <br /> modifications to reflect differences between pension plans and OPEB <br /> plans. <br /> The requirements of this statement are effective one year prior to the <br /> 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 of <br /> this statement are effective in three phases based on a government's <br /> total annual revenues in the first fiscal year ending after June 15, <br /> 1999, either for periods beginning after December 15, 2005, <br /> December 15, 2006, or December I5, 2007. Earlier application of <br /> this statement is encouraged. <br /> v <br /> • GASB Statement No. 45: Accounting and Financial Reporting by Employers for <br /> Postemployment Benefits Other Than Pensions. <br /> In addition to pensions, many state and local governmental <br /> employers provide OPEB as part of the total compensation offered to <br /> attract and retain the services of qualified employees. OPEB includes <br /> postemployment healthcare, as well as other forms of <br /> postemployment benefits (for example, life insurance) when provided <br /> ¦ separately from a pension plan. This statement establishes standazds <br /> for the measurement, recognition, and display of OPEB <br /> expense/expenditures and related liabilities (assets), note disclosures <br /> and, if applicable, required supplementary information in the <br /> ~ financial reports of state and local governmental employers. <br /> a <br /> 5 (Continued) <br /> •r <br /> <br />