1. Welcome to the Year-End GAAP Reporting Workshop June 9, 2004

2. Technical Update Presented by Mark Thomas Partner - KPMG LLP Presented by Mark Thomas Partner - KPMG LLP

3. GASB Statement No. 39 Determining Whether Certain Organizations Are Component Units, an Amendment of GASB Statement 14 Effective: Fiscal Year 2004 –Statement of Cash Flows is not required –Elimination of Nonexchange Transactions

4. GASB Statement No. 40 Deposit and Investment Risk Disclosures, an Amendment of GASB Statement 3 Effective: Fiscal Year 2005

5. GASB Statement No. 42 Accounting and Financial Reporting for Impairment of Capital Assets and for Insurance Recoveries Effective: Fiscal Year 2006

6. GASB Statement No. 43 Financial Reporting for Postemployment Benefit Plans and Other Than Pension Plans Annual Revenues  > $100 million  > $10 million and < $100 million  < $10 million Effective date  Fiscal Year 2007  Fiscal Year 2008  Fiscal Year 2009

7. GASB Statement No. 44 Economic Condition Reporting: The Statistical Section – an Amendment of NCGA Statement 1 Effective: Fiscal Year 2006

8. Questions?