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<br /> <br /> <br /> <br /> <br /> COUNTY OF HAWAII <br /> STATE OF HAWAII <br /> <br /> i Recently Issued Governmental Accounting Pronouncements <br /> For the Fiscal Year ended June 30, 2007 <br /> <br /> <br /> The following are recently issued governmental accounting pronouncements that should be evaluated for their <br /> impact to the County upon adoption: <br /> <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 standards <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 /> • GASB Statement No. 48: Sales and Pledges of Receivables and Future Revenues and <br /> Intra-Entity Transfers of Assets and Future Revenues. <br /> <br /> This statement establishes accounting and financial reporting <br /> standards for transactions in which a government receives, or is <br /> entitled to, resources in exchange for future cash flows generated by <br /> collecting specific receivables or specific future revenues. It also <br /> contains provisions that apply to certain situations in which a <br /> government does not receive resources but, nevertheless, pledges or <br /> commits future cash flows generated by collecting specific future <br /> ' revenues. In addition, this statement establishes accounting and <br /> financial reporting standards that apply to all intra-entity transfers of <br /> assets and future revenues. This statement does not apply to a <br /> government's pledge of its "full faith and credit" as security for its <br /> own debt or the debt of a component unit. The requirements of this <br /> statement apply to the financial statements of all state and local <br /> governments and are effective for periods beginning after <br /> December 15, 2006. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> 5 (Continued) <br />