COM 0939.000 2008-2010 - Laserfiche WebLink

Home

COUNTY OF HAWAII STATE OF HAWAII Recently Issued Governmental Accounting Pronouncements Fiscal Year ended June 30, 2009 • Governmental Accounting OPEB Measurements by Agent Employers and Agent Multiple - Standards Board Statement Employer Plans No. 57: The objective of this statement is to address issues related to the use of the alternative method and the frequency and timing of measurements by employers that participate in agent multiple - employer other postemployment benefit (OPEB) plans. This statement amends Statement No. 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions, to permit an agent employer that has an individual - employer OPEB plan with fewer than 100 total plan members to use an alternative measurement method, at its option, regardless of the number of total plan members in the agent - multiple employer OPEB plan in which it participates. Consistent with this change to the employer- reporting requirements, this statement also amends a Statement No. 43, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans, requirement that a defined benefit OPEB plan obtain an actuarial valuation. The amendment permits the requirement to be satisfied for an agent multiple - employer OPEB plan by reporting an aggregation of results of actuarial valuations of the individual - employer OPEB plans or measurements resulting from the use of the alternative measurement method for individual - employer OPEB plans that are eligible. The requirements of this statement related to the use and reporting of the alternative measurement method are effective immediately. The requirements related to the frequency and timing of measurements are effective for actuarial valuations first used to report funded status information in OPEB plan financial statements for periods beginning after June 15, 2011. • Governmental Accounting Accounting and Financial Reporting for Chapter 9 Bankruptcies Standards Board Statement No. 58: The objective of this statement is to provide accounting and financial reporting guidance for governments that have petitioned for protection from creditors by filing for bankruptcy under Chapter 9 of the United States Bankruptcy Code. It requires governments to remeasure liabilities that are adjusted in bankruptcy when the bankruptcy court confirms a new payment plan. The requirements of this statement are effective for financial statements for periods beginning after June 15, 2009. 7