Resolution No. 5176 - Laserfiche WebLink

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CITY OF EUGENE, OREGON Notes to Basic Financial Statements (5) Other Information, continued (H) Accounting Standards Issued but not yet Adopted Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions GASB Statement No. 75, , was issued in June 2015. This Statement establishes new accounting and financial reporting requirements for governments whose employees are provided with OPEB, as well as for certain nonemployer governments that have a legal obligation to provide financial support for OPEB provided to the employees of other entities. This Statement Accounting and Financial Reporting by Employers for replaces the requirements of Statements No. 45, Postemployment Benefits Other Than Pensions OPEB Measurements by Agent Employers , as amended, and No. 57, and Agent Multiple-Employer Plans , for OPEB. The requirements of this Statement will improve the decision- usefulness of information in employer and governmental nonemployer contributing entity financial reports and will enhance its value for assessing accountability and interperiod equity by requiring recognition of the entire OPEB liability and a more comprehensive measure of OPEB expense. Decision-usefulness and accountability also will be enhanced through new note disclosures and required supplementary information. This Statement is effective for fiscal years beginning after June 15, 2017. Earlier application is encouraged. Tax Abatement Disclosures GASB Statement No. 77, , was issued in August 2015. This Statement requires disclosure of tax abatement information about (1) a reporting government’s own tax abatement agreements and (2) those that are entered into by other governments and that reduce the reporting government’s tax revenues. The requirements of this Statement improve financial reporting by giving users of financial statements essential information that is not consistently or comprehensively reported to the public at present. Disclosure of information about the nature and magnitude of tax abatements will make these transactions more transparent to financial statement users. As a result, users will be better equipped to understand (1) how tax abatements affect a government’s future ability to raise resources and meet its financial obligations and (2) the impact those abatements have on a government’s financial position and economic condition. The requirements of this Statement are effective for financial statements for periods beginning after December 15, 2015. Earlier application is encouraged. An Amendment of GASB Statements No. 67, Financial Reporting for Pension Plans, No. GASB Statement No. 82, 68, Accounting and Financial Reporting for Pensions, and No. 73, Accounting and Financial Reporting for Pensions and Related Assets That Are Not within the Scope of GASB Statement 68, and Amendments to Certain Provisions of GASB Statements 67 and 68 .This statement will improve financial reporting by enhancing consistency in the application of financial reporting requirements to certain pension issues. Specifically, this Statement addresses issues regarding (1) the presentation of payroll-related measures in required supplementary information, (2) the selection of assumptions and the treatment of deviations from the guidance in an Actuarial Standard of Practice for financial reporting purposes, and (3) the classification of payments made by employers to satisfy employee (plan member) contribution requirements. This Statement is effective for fiscal years beginning after June 15, 2016. Earlier application is encouraged. 80