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<br />COUNTY OF HAWAII <br />STATE OF HAWAII <br />Recently Issued Govemmental Accounting Pronouncements <br />For the Fiscal Year ended June 30, 2008 <br />The following are recently issued governmental accounting pronouncements that should be evaluated for their <br />D impact to the County upon adoption: <br />• Governmental Accounting Fund Balance Reporting and Governmental Fund Type Definitions <br />Q Standards Board Statement <br />No. 54: The objective of this statement is to enhance the usefulness of the <br />fund balance information by providing clearer fund balance <br />classifications that can be more consistently applied and by clarifying <br />the existing governmental fund type definitions. This statement <br />establishes fund balance classifications that comprise a hierarchy <br />n based primarily on the extent to which a government is bound to <br />1 1 observe constraints imposed upon the use of the resources reported in <br />governmental funds <br />The initial distinction that is made in reporting fund balance <br />information is identifying amounts that are considered nonspendable, <br />such as fund balance associated with inventories. This statement also <br />a provides for additional classification as restricted, committed, <br />assigned, and unassigned based on the relative strength of the <br />constraints that control how specific amounts can be spent. <br />a The requirements of this statement are effective for financial <br />statements for periods beginning after June 15, 2010. <br />a <br />0 <br />0 <br />a <br />a <br />a <br />Q <br />D 6 <br />