Welcome to the Year-End GAAP Reporting WorkshopWelcome to the Year-End GAAP Reporting Workshop

June 9, 2004June 9, 2004

Technical UpdateTechnical Update

Presented by Mark Thomas

Partner - KPMG LLP

Presented by Mark Thomas

Partner - KPMG LLP

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

GASB Statement No. 40

Deposit and Investment Risk Disclosures, an Amendment of GASB Statement 3

Effective: Fiscal Year 2005

GASB Statement No. 42

Accounting and Financial Reporting for Impairment of Capital Assets and for Insurance Recoveries

Effective: Fiscal Year 2006

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

GASB Statement No. 44

Economic Condition Reporting: The Statistical Section – an Amendment of NCGA Statement 1

Effective: Fiscal Year 2006

Questions?