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<br /> <br /> <br /> <br /> <br /> COUNTY OF HAWAII <br /> STATE OF HAWAII <br /> <br /> Recently Issued Governmental Accounting Pronouncements <br /> For the Fiscal Year ended June 30, 2007 <br /> <br /> <br /> • GASB Statement No. 49: Accounting and Financial Reporting for Pollution Remediation <br /> Obligations. <br /> <br /> This statement addresses accounting and financial reporting <br /> standards for pollution (including contamination) remediation <br /> obligations, which are obligations to address the current or potential <br /> detrimental effects of existing pollution by participating in pollution <br /> remediation activities such as site assessments and cleanups. The <br /> scope of the document excludes pollution prevention or control <br /> obligations with respect to current operations, and future pollution <br /> remediation activities that are required upon retirement of an asset, <br /> such as landfill closure and postclosure care and nuclear power plant <br /> decommissioning. <br /> Once any one of five specified obligating events as provided in the <br /> statement occurs, a government is required to estimate the <br /> components of expected pollution remediation outlays and determine <br /> whether outlays for those components should be accrued as a liability <br /> or, if appropriate, capitalized when goods and services are acquired. <br /> The requirements of this statement are effective for financial <br /> statements for periods beginning after December 15, 2007, with <br /> ' measurement of pollution remediation liabilities required at the <br /> beginning of that period so that beginning net assets can be restated. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> 6 <br />