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PresenterPresentation NotesAre you wondering what is down the pike for GASB implementation? In this session we will cover the new GASB pronouncements for the upcoming years, including those addressing tax abatement disclosures and retiree healthcare benefits. Presenter David Alvey, CPA Audit Partner

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GASB 72 Fair Value Measurement (separate class)

GASB 76 Hierarchy of GAAP GASB 79 Certain Investment Pools and Participants

GASB 74 OPEB Plan Only GASB 77 Tax Abatement Disclosure GASB 78 Certain Multiple-Employers Pension Plans GASB 79 Certain Investment Pools and Participants GASB 80 Blending Requirements

GASB 75 OPEB GASB 81 Irrevocable Split-Interest Agreements GASB 82 Pension Issues

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Cannot use the long-term rate as there are no assets to pay benefits

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Statement that no assets are in trust

Information about investment-related factors that affect trends should be limited to those factors over which the plan has influence (for example, change in investment policies)

Information about external, economic factors should not be presented (for example, changes in market prices)

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1. GASB Statements 2. GASB Interpretations currently issued and in effect

1. GASB Technical Bulletins2. GASB Implementation Guides 3. Literature of the AICPA that has been specifically cleared by GASB (e.g. AICPA Audit

and Accounting Guides)

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1. Consider non-authoritative accounting literature from other sources that does not conflict or contradict and authoritative GAAP. Sources of these items:

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Not a State or Local Government Pension Plan Provide benefits to both Government and Non Government employees No identifiable predominate Government employer

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GASB 43-Financial Reporting for Postemployment Benefit Plans Other than Pension Plans and Statement

GASB 57-OPEB Measurements by Agent Employers

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promise to forgo tax

specificaction

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Distinguish between governments OWN agreements and agreements by OTHER GOVERNMENTS that affect the reporting entity

Can be individually disclosed or aggregated Organized by abatement type or program (e.g. income tax vs. property tax incentive) Disclosures required from the date of agreement and should continue through the

abatement expiration date.

Effective date: years ending June 30, 2017

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Description of Disclosure Government's OwnImposed by other

GovernmentName of program Purpose of program Name of government Type of tax being abated Dollar amount of taxes abated Authority of abate taxes Eligibility criteria Abatement mechanism Recapture clause, if any Type of recipient commitments Any received/receivable from other governments Other commitments by government Quantitative threshold for individual disclosure

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Description of DisclosureGovernment's OwnImposed by other Government

Name of program