1 / 20

2006 AAA-GNP Mid-Year Meeting

2006 AAA-GNP Mid-Year Meeting. GASB Update Terry Patton--GASB The views expressed in this presentation are those of Mr. Patton. Official positions of the GASB are determined only after extensive due process and deliberation. A New Chairman. Bob Attmore, Chairman 2009

risa
Download Presentation

2006 AAA-GNP Mid-Year Meeting

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. 2006 AAA-GNP Mid-Year Meeting GASB Update Terry Patton--GASB The views expressed in this presentation are those of Mr. Patton. Official positions of the GASB are determined only after extensive due process and deliberation.

  2. A New Chairman • Bob Attmore, Chairman 2009 • Cindy Green 2006 • Bill Holder 2005 • Ed Mazur 2007 • Marcia Taylor 2010 • Dick Tracy 2006 • Jim Williams 2007

  3. New Strategic Plan • Goals • Establish high-quality standards that improve public accountability and result in useful information for making decisions. • Foster constructive relationships with constituents to ensure that the GASB considers their needs and views. • Promote the development of informed and competent financial report users, preparers, and auditors. • Improve the GASB’s organizational capacity to pursue its vision, mission, and goals in a timely and sustainable manner.

  4. GASB’s Scorecard • Users’ satisfaction with the usefulness of governmental financial reports and GASB standards • Preparers’ and attestors’ satisfaction with the quality of GASB standards • Increase in the percentage of governmental entities that adopt and use GASB financial reporting standards

  5. Recently Issued GASB Pronouncements

  6. New Pronouncements—2003 • Statement No. 40, Deposit and Investment Risk Disclosures • Statement No. 41, Budgetary Comparison Schedules—Perspective Differences • Statement No. 42, Accounting and Financial Reporting for Impairment of Capital Assets and for Insurance Recoveries • Technical Bulletin 2003-01, Disclosure Requirements for Derivatives Not Reported at Fair Value on the Statement of Net Assets

  7. New Pronouncements—2004 • Statement No. 43, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans—April • Technical Bulletin 2004-1, Tobacco SettlementIssues—April • Statement No. 44, Economic Condition Reporting: The StatisticalSection—May • Statement No. 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pension Plans—June

  8. New Pronouncements—2004 • Technical Bulletin 2004-2, Recognition of Pension and OPEB Expenditures/Expense and Liabilities by Cost-Sharing Employers—December • Statement No. 46, Net Assets Restricted by Enabling Legislation—December

  9. New Pronouncements—2005 • Statement No. 47, Accounting for Termination Benefits—June

  10. Effective Dates Fiscal Years Ending: • December 31, 2005 • Statement 40 • Statement 42 • December 31, 2006 • Statement 34, Retroactive infrastructure—Phase I • Statement 43—Phase I • Statement 44 • Statement 46 • Statement 47 (generally) • December 31, 2007 • Statement 34, Retroactive infrastructure—Phase II • Statement 43—Phase II • Statement 45—Phase I

  11. Effective Dates Fiscal Years Ending: • June 30, 2006 • Statement 34, Retroactive infrastructure—Phase I • Statement 42 • Statement 44 • Statement 46 • Statement 47 • June 30, 2007 • Statement 34, Retroactive infrastructure—Phase II • Statement 43—Phase I • June 30, 2008 • Statement 43—Phase II • Statement 45—Phase I

  12. GASB Exposure Draft Accounting and Financial Reporting for Pollution Remediation Obligations • Comment Deadline: May 1,2006

  13. Project Timetable • Preliminary Views—Issued March 2005 • Public Hearing—June 29, 2005 • Exposure Draft—January 2006 • Statement—November 2006

  14. Sales and Pledges of Receivables and Future Revenues

  15. Timetable • Exposure draft: September 30, 2005 • Comment deadline: December 30, 2005 • Final standard expected in August 2006.

  16. What’s On the Horizon for the Next 5 Years? Current Agenda

  17. Current Agenda • Conceptual framework—elements • Conceptual framework—recognition and measurement attributes • Derivatives and hedging • Fund balance reporting • Intangible assets • Sales and pledges of receivables and future revenues • Comprehensive Implementation Guide

  18. Research Agenda • Economic condition—phase III • Electronic financial reporting • Intergovernmental financial risks • Pension reporting • Statement 14 revisited/Reporting unit presentations • Service efforts and accomplishments

  19. Potential Projects • Government combinations • In-kind contributions • Lease accounting • Popular reporting • Present value

  20. Questions? Telephone—(203) 847-0700, ext. 203 Web site—www.gasb.org

More Related