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UPDATE APPA Business and Financial Spring Meeting April 22, 2005

UPDATE APPA Business and Financial Spring Meeting April 22, 2005. Wes Galloway. The Usual Disclaimers. Views expressed are those of the speaker, not official representations of the GASB, which establishes standards after due process. Recent Guidance.

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UPDATE APPA Business and Financial Spring Meeting April 22, 2005

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  1. UPDATE APPA Business and Financial Spring Meeting April 22, 2005 Wes Galloway

  2. The Usual Disclaimers • Views expressed are those of the speaker, not official representations of the GASB, which establishes standards after due process

  3. Recent Guidance • TB 2003-1 – Disclosures for Derivatives Not Reported at Fair Value • Statement 40 Implementation Guide (Deposit & Investment Risk Disclosures) • GASB 42 – Impairment of Capital Assets and Insurance Recoveries

  4. New Guidance • Comprehensive Implementation Guide 2004 • TB 2004-1 – Tobacco Settlement Issues • GASB 43 – OPEB Plan reporting • GASB 44 – Economic Condition-Statistical Section • GASB 45 – OPEB Employer reporting • Concept #3 – Communication Methods • GASB 46 – Net Asset reporting • PV – Pollution Remediation Obligations

  5. Effective Dates • Periods beginning after June 15, 2003 • Reporting model, Statement 34—Phase III • Statement 38—Phase III • Statement 39 • Statement 41—Phase III • Interpretation 6—Phase III • TB 2003-1 • Periods beginning after June 15, 2004 • Statement 40 • TB 2004-1 • Periods beginning after December 15, 2004 • Statement 42

  6. Effective Dates • Periods beginning after June 15, 2005 • Statement 34, Retroactive infrastructure—Phase I • Statement 44 • Statement 46 • Periods beginning after December 15, 2005 • Statement 43—Phase I • Periods beginning after June 15, 2006 • Statement 34, Retroactive infrastructure—Phase II • Periods beginning after December 15, 2006 • Statement 43—Phase II • Statement 45—Phase I • Periods beginning after December 15, 2007 • Statement 43—Phase III • Statement 45—Phase II

  7. Later this year • ED – Derivatives and Hedging • ED – Termination Benefits TB • ED – Sales and Pledges of rec. & rev. • ED – Pollution Remediation Obligations

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