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What Do They Mean to You? What Do They Mean to You?

What Do They Mean to You? - PowerPoint Presentation

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What Do They Mean to You? - PPT Presentation

Heidi E White CPA Partner vavrinek trine day amp co llp October 2 2014 GASB Statements GASB Statements Overview of Governmental Accounting Standards Board Recent Proposals and Pronouncements ID: 371167

standards gasb financial statements gasb standards statements financial statement deferred accounting district governmental debt pronouncements audited reporting 2014 agencies

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Slide1

What Do They Mean to You?Heidi E. White, CPAPartner vavrinek, trine, day & co., llpOctober 2, 2014

GASB Statements Slide2

GASB StatementsOverview of Governmental Accounting Standards BoardRecent Proposals and PronouncementsImpact to the District ReportDo These Pronouncements Really Matter to the District?How Can You Stay Informed?Assisting the Board and Management with Understanding StandardsSlide3

GASB StatementsOverview of the Governmental Accounting Standards BoardFormed to provide greater accountability and well informed decision making through excellence in public sector financial reportingMission is to establish and improved standards of state and local governmental accounting and financial reporting that will:

Result in useful information for usersGuide and Educate the public, including issuers, auditors and users of the financial statementsSlide4

GASB StatementsOverview of the Governmental Accounting Standards BoardGASB is an independent organization that establishes and improves standard of accounting and reporting for US State and Local Governmental Agencies.Pronouncements and Standards are not federal laws and regulations, however compliance is enforced through requirements of individual agencies and the audit process when opinions are rendered on the fairness of presentation in conformity with GAAP.Slide5

GASB StandardsRecent Proposals and PronouncementsHow Many GASB Pronouncements are there?71What was the first one and when was it issued?Statement 1 Gave Authority to GASB and AICPA Industry Audit Guide Issued July 1984Slide6

GASB StandardsWhat is the most recent Pronouncement?GASB Statement 71: Pension Transition for Contributions Made Subsequent to the Measurement Date – an amendment of GASB Statement 68.To be applied simultaneously with the provisions of GASB Statement 68Slide7

GASB StatementsStatement that will be applicable to the June 30 2014 Annual Audited Financial Statements:

GASB Statement 65:

Items Previously Reported as Assets and Liabilities

Reclassifies as “Deferred Outflows of Resources” or “Deferred Inflows of Resources” certain items that were preciously reported as Assets and Liabilities. Also limits the use of the term

Deferred

in financial statement presentations.

Impact is there will be restatements of the Beginning Net Asset Balances for the 2013-14 audited financial statementsSlide8

GASB StatementsStatement that will be applicable to the June 30 2014 Annual Audited Financial Statements:

GASB Statement 65:

Items Previously Reported as Assets and Liabilities

Examples of Deferred Outflows:

Deferred loss on refunding of debt

Examples of Deferred Inflows:

Grants received in advance of time or

spending requirements

Deferred gain on refunding of debt

Other Impacts:

Deferred issuance costs from debt issuances

Previously – Capitalized and amortized over the life of the debt. With GASB 65 implementation, debt issuance costs no longer meet the definition of an “asset”. GASB 65 requires these to now be recognized as an expense in the period incurred.Slide9

GASB StandardsStatements to be Implemented in 2014-15GASB Statement 68: Accounting and Financial Reporting for Pensions—an amendment of GASB Statement No. 27GASB Statement 71: Pension Transition for Contributions Made Subsequent to the Measurement Date – an amendment of GASB Statement 68.Slide10

GASB StandardsDo these Pronouncements Really Matter to the District?YESFederal and State Agencies review the annual audited financial statements for compliance with GAAPBond rating agencies are reviewing for consistency across types of governmental agencies

Every new pronouncement is noted to “…improve the decision-usefulness of information in financial reporting and enhance the value of external reporting”Slide11

GASB StandardsDo these Pronouncements Really Matter to the District?The Financial Statements, including Notes, presented in the Annual Financial Statements are the responsibility of the District.Management signs a Representation LetterStandards require the Auditor to assess the “Knowledge, Skills and Ability” of those taking responsibility for the financial statements.Slide12

GASB StandardsHow does the District Stay Informed?Online – GASB.org provides access to Standards, Implementation Guides, Reference Materials, and Future Projects. Also provides a Forum for discussions on potential topics.Technical Conferences – both the AICPA and California Society of CPA’s offer conferences and training, as does the CCIA, ACBO and other industry organizations

Your District CPA – Information on required accounting standards and disclosures should be part of your routine discussions.Slide13

GASB StandardsAssisting the Board and Management with Understanding StandardsConsider a Study Session with members of the Board to inform and clarify new accounting standards and the implications to the District’s ReportEntrance and Exit meetings during the course of the audit become essential to understanding the required disclosures and potential restatements.Slide14

GASB StandardsWhat is Coming Next?????Fair Value Measurements and Applications---- Exposure Draft has been issued with comment deadline of 8/15/2014Asset Retirement Obligations ---- Currently being Deliberated

Blending Requirements for Certain Business Type Activities --- Currently being DeliberatedSlide15

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