09 - Laserfiche WebLink

MEMORANDUM ON INTERNAL CONTROL SCHEDULE OF OTHER MATTERS 2016-01:Upcoming Governmental Accounting Standards Board(GASB)Pronouncements The following comment represents new pronouncements taking affect in the next few years.We have cited them here to keep you abreast of developments: Effective in fiscal year 2016-17: GASB 73—Accounting and Financial Reporting for Pensions and Related Assets That Are Not within the Scope of GASB Statement 68 This Statement establishes requirements for defined benefit pensions that are not within the scope of Statement No. 68,Accounting and Financial Reporting for Pensions,as well as for the assets accumulated for purposes of providing those pensions.In addition, it establishes requirements for defined contribution pensions that are not within the scope of Statement 68.It also amends certain provisions of Statement No. 67, Financial Reporting for Pension Plans, and Statement 68 for pension plans and pensions that are within their respective scopes. GASB 74—Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans The objective of this Statement is to improve the usefulness of information about postemployment benefits other than pensions (other postemployment benefits or OPEB) included in the general purpose external fmancial reports of state and local governmental OPEB plans for making decisions and assessing accountability. This Statement results from a comprehensive review of the effectiveness of existing standards of accounting and financial reporting for all postemployment benefits (pensions and OPEB) with regard to providing decision-useful information, supporting assessments of accountability and inter- period equity,and creating additional transparency. GASB 77—Tax Abatement Disclosures This Statement establishes fmancial reporting standards for tax abatement agreements entered into by state and local governments. The disclosures required by this Statement encompass tax abatements resulting from both(a)agreements that are entered into by the reporting government and(b) agreements that are entered into by other governments and that reduce the reporting government's tax revenues. GASB 78—Pensions Provided through Certain Multiple-Employer Defined Benefit Pension Plans This Statement amends the scope and applicability of Statement 68 to exclude pensions provided to employees of state or local governmental employers through a cost-sharing multiple-employer defined benefit pension plan that (1) is not a state or local governmental pension plan, (2) is used to provide defined benefit pensions both to employees of state or local governmental employers and to employees of employers that are not state or local governmental employers, and(3)has no predominant state or local governmental employer (either individually or collectively with other state or local governmental employers that provide pensions through the pension plan). This Statement establishes requirements for recognition and measurement of pension expense, expenditures, and liabilities; note disclosures; and required supplementary information for pensions that have the characteristics described above. 3