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 Bob Attmore, Chairman 2009 Cindy Green2006 Cindy Green2006 Bill Holder 2005 Bill Holder 2005 Ed Mazur 2007 Ed Mazur 2007 Marcia Taylor 2010 Marcia Taylor 2010 Dick Tracy 2006 Dick Tracy 2006 Jim Williams2007 Jim Williams2007

3 New Strategic Plan Goals 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 GASBs organizational capacity to pursue its vision, mission, and goals in a timely and sustainable manner.

4 GASBs Scorecard Users satisfaction with the usefulness of governmental financial reports and GASB standards Users satisfaction with the usefulness of governmental financial reports and GASB standards Preparers and attestors satisfaction with the quality of 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 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. 40, Deposit and Investment Risk Disclosures Statement No. 41, Budgetary Comparison SchedulesPerspective Differences Statement No. 41, Budgetary Comparison SchedulesPerspective Differences Statement No. 42, Accounting and Financial Reporting for Impairment of Capital Assets and for Insurance Recoveries Statement No. 42, Accounting and Financial Reporting for Impairment of Capital Assets and for Insurance Recoveries Technical Bulletin , Disclosure Requirements for Derivatives Not Reported at Fair Value on the Statement of Net Assets Technical Bulletin , 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 PlansApril Statement No. 43, Financial Reporting for Postemployment Benefit Plans Other Than Pension PlansApril Technical Bulletin , Tobacco Settlement IssuesApril Technical Bulletin , Tobacco Settlement IssuesApril Statement No. 44, Economic Condition Reporting: The Statistical SectionMay Statement No. 44, Economic Condition Reporting: The Statistical SectionMay Statement No. 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pension PlansJune Statement No. 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pension PlansJune

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

9 New Pronouncements 2005 Statement No. 47, Accounting for Termination BenefitsJune Statement No. 47, Accounting for Termination BenefitsJune

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

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

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

13 Project Timetable Preliminary ViewsIssued March 2005 Preliminary ViewsIssued March 2005 Public HearingJune 29, 2005 Public HearingJune 29, 2005 Exposure DraftJanuary 2006 Exposure DraftJanuary 2006 StatementNovember 2006 StatementNovember 2006

14 Sales and Pledges of Receivables and Future Revenues

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

16 Whats On the Horizon for the Next 5 Years? Current Agenda

17 Current Agenda Conceptual frameworkelements Conceptual frameworkelements Conceptual frameworkrecognition and measurement attributes Conceptual frameworkrecognition and measurement attributes Derivatives and hedging Derivatives and hedging Fund balance reporting Fund balance reporting Intangible assets Intangible assets Sales and pledges of receivables and future revenues Sales and pledges of receivables and future revenues Comprehensive Implementation Guide Comprehensive Implementation Guide

18 Research Agenda Economic conditionphase III Economic conditionphase III Electronic financial reporting Electronic financial reporting Intergovernmental financial risks Intergovernmental financial risks Pension reporting Pension reporting Statement 14 revisited/Reporting unit presentations Statement 14 revisited/Reporting unit presentations Service efforts and accomplishments Service efforts and accomplishments

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

20 Questions? Telephone(203) , ext. 203 Web sitewww.gasb.org