Ernst Young (PowerPoint)

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					           What’s New in
          S&L Accounting

        James M. Williams
       Member of the Board
     Governmental Accounting
        Standards Board
The views expressed in this presentation are those of Mr.
 Williams. Official positions of the GASB are determined
    only after extensive due process and deliberation. 1
      Objectives of Session
• New GASB members
• Recently issued GASB pronouncements
  and publications
• Effective dates of GASB statements
• GASB exposure documents
• Other GASB current agenda projects
• GASB research agenda projects
• GASB potential projects



                                        2
    GASB Members (6/30 Y/E)
• Bob Attmore,    2009
   Chairman
• Bill Holder     2010
• Girard Miller   2012
• Jan Sylvis      2012
• Marcia Taylor   2010
• Dick Tracy      2009
• Jim Williams    2012
                              3
  New GASB Members Started 7/1/07
• Girard Miller
  – User background
  – Former President of Janus Funds
  – Former President and CEO of ICMA Retirement
    Corporation
  – Former GFOA Director of Technical Services Center

• Jan Sylvis
  – State controller background
  – Current State of Tennessee Chief of Accounts
  – Current President of National Association of State
    Auditors, Comptrollers and Treasurers
                                                         4
Recent GASB Pronouncements
• GASB 48, Sales and Pledges of
  Receivables and Future Revenues (9/06)
• GASB 49, Pollution Remediation
  Obligations (11/06)
• GASB 50, Pension Disclosures (5/07)
• GASB 51, Intangible Assets (6/07)
• GASB Concepts 4, Elements (6/07)
• Comprehensive Implementation Guide—
  2007-2008 Edition (expected 9/07)
                                           5
  Effective Dates—December 31
• December 31, 2007
   – Statement 34, Retroactive infrastructure—Phase II
   – Statement 43—Phase II
   – Statement 45—Phase I
   – Statement 48
• December 31, 2008
   – Statement 43—Phase III
   – Statement 45—Phase II
   – Statement 49
   – Statement 50
• December 31, 2009
   – Statement 45—Phase III

                                                     6
GASB Exposure
  Documents


                7
       Outstanding GASB
      Exposure Documents
• Land and Other Real Estate Held as
  Investments by Endowments ED (3/07)
• Derivative Instruments ED and PLS (6/07)
• Fund Balance Reporting and Govern-
  mental Fund Definitions ITC (10/06)




                                         8
Other Current GASB
 Agenda Projects




                     9
    Other Current Projects
• Conceptual framework—recognition
  and measurement attributes
• Intergovernmental financial
  dependency risk
• Service efforts and
  accomplishments reporting



                                     10
GASB Research
Agenda Projects




                  11
    GASB Research Agenda
• Economic condition reporting (Phase III)
• Electronic financial reporting
• Pension accounting and reporting
• Public/private partnerships
• Reporting units/GASB 14 reexamination




                                         12
GASB Potential
  Projects


                 13
       GASB Potential Projects
•   AICPA accounting issues omnibus
•   Conduit debt and related assets
•   Exchange-like transactions
•   Fiduciary responsibilities
•   Financial performance measurements
•   Government combinations
•   In-kind contributions
•   Investment omnibus
•   Lease accounting
•   Loan versus grant classification
•   Preservation method
•   Popular reporting
•   Present value                        14
More in the GASB Update!




   Telephone—(203) 847-0700
   Web site—www.gasb.org
                              15

				
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posted:9/12/2011
language:English
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