COM 0939.000 2008-2010 - Laserfiche WebLink

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COUNTY OF HAWAII STATE OF HAWAII Recently Issued Governmental Accounting Pronouncements Fiscal Year ended June 30, 2009 The following are recently issued governmental accounting pronouncements that should be evaluated for their impact to the County upon adoption: • Governmental Accounting The Hierarchy of Generally Accepted Accounting Principles for State Standards Board Statement and Local Governments No. 55: The objective of this statement is to incorporate the hierarchy of generally accepted accounting principles (GAAP) for state and local governments into the GASB's authoritative literature. It is intended to make it easier for preparers of state and local government financial statements to identify and apply the "GAAP hierarchy," which consists of sources of accounting principles used in the preparation of financial statements so that they are presented in conformity with GAAP and the framework for selecting those principles. The requirements of this statement are effective immediately. • Governmental Accounting Codification of Accounting and Financial Reporting Guidance Standards Board Statement Contained in the AICPA Statements on Auditing Standards No. 56: The objective of this statement is to incorporate into the GASB's authoritative literature certain accounting and financial reporting guidance presented in the American Institute of Certified Public Accountants' Statements on Auditing Standards. This statement addresses three issue not included in the authoritative literature that established accounting principles — related party transactions, going concern considerations, and subsequent events. The requirements of this statement are effective immediately. 6 (Continued)