COM 0496.000 2006-2008 - Laserfiche WebLink

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^ COUNTY OF HAWAII STATE OF HAWAII ^ Recently Issued Governmenta{ Accounting Pronouncements For the Fiscal Year ended June 30, 2006 • GASB Statement No. 48: Sales and Pledges of Receivables and Future Revenues and ^ Infra-Entity Transfers of Assets and Future Revenues. This statement establishes accounting and financial reporting standards for transactions in which a government receives, or is entitled to, resources in exchange for future cash flows generated by collecting specific receivables or specific future revenues. It also contains provisions that apply to certain situations in which a government does not receive resources but, nevertheless, pledges or commits future cash flows generated by collecting specific future revenues. In addition, this statement establishes accounting and financial reporting standards that apply to all infra-entity transfers of assets and future revenues. This statement does not apply to a government's pledge of its "full faith and credit" as security for its own debt or the debt of a component unit. The requirements of this statement apply to the 5nancial statements of all state and local governments and are effective for periods beginning aRer December 15, 2006. • GASB Statement No. 49: Accounting and Financial Reporting for Pollution Remediation Obligations. This statement addresses accounting and financial reporting standards for pollution (including contamination) remediation m. obligations, which are obligations to address the current or potential detrimental effects of existing pollution by participating in pollution remediation activities such as site assessments and cleanups. The scope of the document excludes pollution prevention or control obligations with respect to current operations, and future pollution remediation activities that are required upon retirement of an asset, such as landfill closure and postclosure care and nuclear power plant decommissioning. Once any one of five specified obligating events as provided in the ^ statement occurs, a government is required to estimate the ~ components of expected pollution remediation outlays and determine whether outlays for those components should be accrued as a liability or, if appropriate, capitalized when goods and services are acquired. The requirements of this statement are effective for financial ~ statements for periods beginning after December 15, 2007, with measurement of pollution remediation liabilities required at the beginning of that period so that beginning net assets can be restated. a s 6 r