GASB’s New & Upcoming Standards A Governmental Audit Quality Center Web Event September 28, 2011 The views expressed in this presentation are those of

GASB’s New & Upcoming Standards

A Governmental Audit Quality Center Web EventSeptember 28, 2011

The views expressed in this presentation are those of Messrs. Bean and Schermann. Official positions of the GASB are determined only after extensive due process and deliberation.

Governmental Audit Quality Center 2

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Presenters

David Bean, CPAGASB

Daniel O’Keefe, CPAMoore Stephens Lovelace, P.A.

Ken Schermann, CPAGASB


What we will cover

Fund balance reporting

Service concession arrangements

The financial reporting entity

Codification of pre-1989 FASB and AICPA pronouncements

Reporting deferred inflows and outflows

What is in the pipeline, including:• Pensions• Conceptual Framework• Economic Condition Reporting


Effective Dates

June 30, 2011– Statement 54—Fund Balance Reporting– Statement 59—Financial Instruments Omnibus

June 30, 2012• Statement 57—OPEB (Agent)• Statement 64—Derivatives—Hedge Accounting

TerminationsDecember 31, 2012• Statement 60—SCA• Statement 62—Pre-89 Codification• Statement 63—Deferrals and Net Position

June 30, 2013• Statement 61—Financial Reporting Entity

Statement 54Fund Balance Reporting and Governmental Fund Type Definitions

Effective for periods beginning after June 15, 2010


New Fund Balance Classifications

• Nonspendable• Restricted• Committed• Assigned• Unassigned

The classification hierarchy is “based primarily on the extent to which the government is bound to honor constraints on the specific purposes for which amounts…can be spent”


Nonspendable Fund Balance

Not in spendable form, such as• Inventory• Long-term amounts of loans and notes receivable• Property held for resale

- However, if the use of the proceeds from the collection of receivables or sale of the property is restricted, committed, or assigned, then the receivables or property should be reported in those categories

Corpus of a permanent fund


Restricted Fund Balance

Same definition as for net assets in Statement 34 (as amended by Statement 46)—amounts constrained to being used for a specific purpose by• External parties• Constitutional provisions• Enabling legislation


Committed Fund Balance

Constraint on use imposed by the government itself, using its highest level of decision making authority

Constraint can be removed or changed only by taking the same highest-level action

Action to constrain resources should occur prior to end of fiscal year, though the exact amount may be determined subsequently


Assigned Fund Balance

Amounts intended to be used for specific purposes

Required, not optional

Intent is expressed by • The governing body• High-level body or individual authorized by the

governing body


Amounts in governmental funds other than the general fund that are not restricted or committed are reported as assigned• The act of transferring resources to another

governmental fund is considered an assignment of those resources to the purpose of that fund



Unassigned Fund Balance

Available for any purpose

Reported only in the general fund, except in cases of negative fund balance• Negative balances in other governmental

funds are reported as unassigned


Fund Type Definitions


Clarify Fund Type Definitions

Special revenue—clarify terminology

Capital projects—clarify

Debt service• Paragraph 30 requirements highlighted


Special Revenue Funds

Statement 54 Definition:Special revenue funds are used to account for and report the proceeds of specific revenue sources that are restricted or committed to expenditure for specified purposes other than debt service or capital projects. The term “proceeds of specific revenue sources” establishes that one or more specific restricted or committed revenues should be the foundation for a special revenue fund.


Special Revenue Funds

Restricted or committed specific revenue sources should comprise substantial portion of fund’s resources on an ongoing basis• But fund also may include other restricted, committed,

and assigned resources

Disclosure: purpose of each major special revenue fund and each revenue source or other resources authorized to be reported in each


Proceeds of Specific Revenue Sources

Establishes that one or more specific restricted or committed revenues should be the foundation for a special revenue fund

Restricted or committed proceeds of specific revenue sources should comprise a significant portion of the resources reported in the fund


Capital Projects Funds

Capital projects funds are used to account for and report financial resources that are restricted, committed, or assigned to expenditure for capital outlays, including the acquisition or construction of capital facilities and other capital assets.


Debt Service Funds

Debt service funds are used to account for and report financial resources that are restricted, committed, or assigned to expenditure for principal and interest payments. • Financial resources that are being

accumulated for principal and interest payments maturing in future years also should be reported in debt service funds.


Disclosures—Fund Balance


Policies and Procedures—Committed Fund Balance

Government’s highest level of decision-making authority

Formal action that is required to be taken to establish (and modify or rescind) a fund balance commitment.



Body or official authorized to assign amounts to a specific purpose

Policy established by the governing body pursuant to which that authorization is given.


Spendable Fund Balance

Whether the government considers restricted or unrestricted amounts to have been spent first when an expenditure is incurred for purposes for which both restricted and unrestricted fund balance is available

Order in which committed, assigned, or unassigned amounts are considered to have been spent when an expenditure is incurred for purposes for which amounts in any of those unrestricted fund balance classifications could be used


Aggregations

If nonspendable or “spendable” classifications is displayed in the aggregate on the face of the balance sheet • Totals for the two nonspendable classifications should be

disclosed • Specific purposes information for each spendable classification

should be disclosed


Stabilization Amounts

Authority for establishing stabilization arrangements (for example, by statute or ordinance)

Requirements for additions to the stabilization amount

Conditions under which stabilization amounts may be spent


Minimum Fund Balance Policy

Policy that sets forth the details of the minimum fund balance reporting requirement

Action taken in establishing it


Encumbrances

Should not be displayed as a separate classification of fund balance on the face of the balance sheet.

For governments that use encumbrance accounting• Should be disclosed in the notes to by major fund and

nonmajor funds in the aggregate in conjunction with required disclosures about other significant commitments.


Transition

Fund balance classifications should be applied retroactively by restating fund balance for all prior periods presented

Changes to information in the statistical section may be made prospectively, though retroactive application is encouraged; if prior years are not restated, difference in information should be explained


Statement 60Service Concession Arrangements

Effective date—periods beginning after December 15, 2011


Scope: What is an SCA?

An arrangement in which:• a transferor conveys to an operator the right and related

obligation to provide services to the public through the operation of a capital asset, in exchange for significant consideration

• the operator collects and retains fees from third parties• the transferor is entitled to significant interest in the service utility

of the capital asset at the end of the agreement (a residual interest)

• the transferor determines or has the ability to modify or approve:- What services the operator is required to provide - To whom the services will be provided- The prices or rates that will be charged


Recognition—Significant Upfront Payments—Transferor

An assets for up-front payment or the present value of installment payments or capital assets contributed

Any contractual obligations as liabilities,

And a corresponding deferred inflow of resources equal to the difference between (1) and (2).

Recognized as revenue over the duration of the agreement

Governmental fund reporting?


Reporting Capital Assets

Existing facility• Transferor continues to report existing facility as capital asset.

New facility or improvements to existing facility• Transferor reports

- A new facility or improvements as capital asset at fair value when placed into operation,

- Any contractual obligations as liabilities,- And a corresponding deferred inflow of resources equal to

the difference between (1) and (2).


Transferor Accounting

After initial measurement, the capital asset is subject to existing requirements for depreciation, impairment, and disclosures.

Improvements made to the facility during the arrangement would increase the transferor’s asset.

Does NOT depreciate if arrangement requires operator to return facility to transferor in its original or enhanced condition.



A liability is recorded at present value if a contractual obligation exists AND if it meets either of the following criteria:• (1) The contractual obligation directly relates to the facility. (for

example, capital improvements, insurance, or maintenance)

OR• (2) The contractual obligation relates to a commitment by the

transferor to maintain a minimum or specific level of service in connection with the operation of facility. (for example, police or emergency services, maintenance around facility)



Revenue is recognized in a systematic and rational manner over the term of arrangement as the deferred inflow is reduced.

Liability is reduced as transferor’s obligations are satisfied.• When obligation is satisfied, a deferred inflow is reported and

related revenue is recognized in systematic and rational manner over the term of the arrangement.


Effective date—periods ending June 30, 2012

Statement 61The Financial Reporting Entity—Omnibus


Overview

The most significant effects of the amendments are to:• Increase the emphasis on financial

relationships- Raises the bar for inclusion

• Refocus and clarify the requirements to blend certain component units

• Improve the recognition of ownership interests

- Joint ventures- Component units- Investments


Inclusion Criteria

Statement 14 requires inclusion if Potential Component Unit is fiscally dependant. That is, Primary Government has authority over:• Budget, or

• Setting taxes and charges, or

• Issuing debt

Statement 61 adds a requirement for a financial benefit or burden before inclusion is required.


Inclusion Criteria

Statement 14 requires inclusion of a Potential Component Unit if exclusion would make reporting entity’s statements “misleading or incomplete”

Statement 61 eliminates “incomplete,” and emphasizes that the determination would normally be based on financial relationships• Such as significant financial benefit to/burden on the

Primary Government that is other than temporary


Blending Requirements

Statement 14 requires blending if Primary Government and Component Unit have “substantively the same” governing body

• For example, County Board also serves as the Board of the Forest Preserve District

Statement 61 expands that requirement to also include:• A financial benefit/burden relationship, or• Primary Government has “operational responsibility” for

Component Unit- Primary Government’s personnel manage activities of

Component Unit like a fund, program, or department of the primary government



The blending criteria is broadened to include component units whose total debt outstanding is expected to be repaid entirely or almost entirely by revenues of the primary government• Even if the component unit provides services to

constituents or other governments, rather than exclusively or almost exclusively to the primary government



To illustrate:

• State government is limited in its capacity to incur debt

• Creates a financing authority that:

• Issues debt for:

• Transportation, public safety, and corrections facilities for the state, and

• Educational facilities for local school districts (approx. 1/4 of the total debt issued)

• State pledges portions of its sales tax and motor fuel taxes to repay the debt



• Under Statement 14 the Financing Authority would be discretely presented. Why?

• Under Statement 61, it would be blended—the total debt outstanding is expected to be repaid entirely or almost entirely with State resources.

• What if the debt for the local school district facilities were to be repaid with local property taxes?



Clarifies how to blend component units in a business-type activity (BTA) reporting model: In the three basic statements:• For a multiple column BTA

- Additional column(s), as if funds of the Primary Government• For a single column BTA

- Consolidate Component Unit data into the single column- Present combining info in the notes

- Additional column(s), with Primary Government total column


Major Component Units

Clarifies the types of relationships that should generally affect the major Component Unit determination:• Primarily financial relationships

- Significant transactions with the Primary Government- Significant financial benefit/burden relationship

• Could be based on the nature of services provided by Component Unit

Eliminates consideration of each Component Unit’s significance relative to other Component Units


Reporting Equity Interests

An asset should be recognized for an equity interest in:• A joint venture

• A partnership

• An investment

• A component unit

- If the component unit is blended, the equity interest is eliminated in the blending process

- Minority interests would be classified in net assets as “Restricted, nonexpendable”

Recognition and Measurement is based on Joint Venture equity interest requirements in Statement 14


Statement 62Codification of Pre-November 30, 1989 FASB and AICPA Pronouncements

Effective date—periods beginning after December 15, 2011


Five Classifications

Conflict with or contradict GASB standards• FAS 4 Gain or loss on debt extinguishments• FAS 43 Compensated absences

Are not applicable to governments• FAS 84 Convertible debt• FAS 89 Changing prices

Rarely applicable (excluded)• FAS 19 Oil and Gas

Are applicable to governments• FAS 5 Contingencies• FAS 34 Capitalization of interest

Will be addressed in GASB projects (applicable, but excluded)• APB 16 Business combinations


Basic Guidance

Statement 20 is superseded• All applicable pre-11/30/89 standards are contained

in the GASB’s codification• All potentially applicable post-11/30/89 non-GASB

standards will be “other accounting literature”

Guidance on 29 topics is brought into the GASB literature, including:• Capitalization of interest costs (FAS 34)• Statement of net assets classification (ARB 43, APB

12, and FAS 6)


Significant Topics

Special and extraordinary items (APB 30)

Comparative financial statements (ARB 43)

Related parties (FAS 57)

Prior-period adjustments (FAS 16 & APB 9)

Accounting changes and error corrections (APB 20 and FIN 20)

Contingencies (FAS 5 and FIN 14)

Extinguishments of debt (APB 26 and FAS 76)

Troubled debt restructuring (FAS 15)

Inventory (ARB 43)

Leases (FAS 13, 22, and 98 and FIN 23, 26, and 27)


Specialized Topics

Sales of real estate (FAS 66)

Real estate projects (FAS 67)

Research and development arrangements (FAS 68)

Broadcasters (FAS 63)

Cable television systems (FAS 51)

Insurance enterprises (FAS 60)

Lending activities (FAS 91)

Mortgage banking activities (FAS 65)

Regulated operations (FAS 71, 90, and 101)


Early Implementation—What are the Issues?

GASB Statement 20, paragraph 7 option

Guidance for government combinations

FASB/IASB lease project


Statement 63Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources, and Net Position

Effective date—periods ending June 30, 2013


Display Requirements

Deferred outflows should be reported in a separate section following assets

Similarly, deferred inflows should be reported in a separate section following liabilities

Net Position components resemble net asset components under Statement 34, but include the effects of deferred outflows and deferred inflows• Net investment in capital assets• Restricted• Unrestricted

Governmental funds continue to report fund balance


Statement of Net Position

Primary GovernmentGovernmental Business-type Component

Activities Activities Total UnitsASSETSCash and cash equivalents 11,712,829$ 10,516,820$ 22,229,649$ 303,935$ Investments 29,250,291 64,575 29,314,866 7,428,952Derivative instrument--rate swap 1,040,482 1,040,482Receivables (net) 11,792,650 3,609,615 15,402,265 4,042,290Internal balances 313,768 (313,768) —

Inventories 322,149 126,674 448,823 83,697Equity interest in MSA joint venture 2,303,256 — 2,303,256 —

Capital assets: Land, improvements, and construction in progress 28,435,025 6,408,150 34,843,175 751,239 Other capital assets, net of depreciation 141,587,735 150,980,601 292,568,336 36,993,547 Total capital assets 170,022,760 157,388,751 327,411,511 37,744,786 Total assets 226,758,185 171,392,667 398,150,852 49,603,660

DEFERRED OUTFLOWSAccumulated decrease in fair value of hedging derivatives — 127,520 127,520 —

LIABILITIESAccounts payable and accrued expenses 7,538,543 659,592 8,198,135 1,803,332Advances from grantors 1,435,599 1,435,599 38,911Forward contract 127,520 127,520Long-term liabilities: Due within one year 9,236,000 4,426,286 13,662,286 1,426,639 Due in more than one year 83,302,378 74,482,273 157,784,651 27,106,151 Total liabilities 101,512,520 79,695,671 181,208,191 30,375,033

DEFERRED INFLOWSAccumulated increase in fair value of hedging derivatives 1,040,482 — 1,040,482 —

Unamortized service concession arrangement payments — 4,467,536 4,467,536 —

Total deferred inflows 1,040,482 4,467,536 5,508,018 —

NET POSITION Net investment in capital assets 103,711,386 79,088,574 182,799,960 15,906,392Restricted for: Transportation and public works 10,655,737 — 10,655,737 —

Debt service 3,076,829 1,451,996 4,528,825 —

Housing and community redevelopment 6,845,629 — 6,845,629 —

Other purposes 1,483,387 — 1,483,387 492,445Unrestricted (deficit) (1,567,785) 6,816,410 5,248,625 2,829,790 Total net position 124,205,183$ 87,356,980$ 211,562,163$ 19,228,627$


Disclosures

Provide details of different types of deferred amounts if components of the total deferred amounts are obscured by aggregation on the face of the statements

If the amount reported for a component of net position is significantly affected by the difference between deferred inflows or outflows and their related assets or liabilities—provide an explanation in the notes


Deferred Outflows/Inflows

Statement 53—Accounting and Financial Reporting for Derivative Instruments

Statement 60—Service Concession Arrangements


Related Project—Reporting Items Previously Recognized as Assets and Liabilities

Concepts Statement 4 provides that recognition of deferrals should be limited to those instances specifically identified by GASB

The Board added a project to identify deferrals (for example, deferred revenue, prepaid expenses) that would be subject to requirements of Statement 63.• Currently reported as assets or liabilities. Should

they be deferred outflows/inflows, or expenses/revenues?


Proposed Deferred Inflows of Resources

Grants received in advance of meeting timing requirement

Deferred amounts from refunding of debt (credits)

Proceeds from sales of future revenues

Deferred gain from sale-leaseback

“Regulatory” credits


Proposed Deferred Outflows of Resources

Grant paid in advance of meeting timing requirement

Deferred amounts from refunding of debt (debits)

Cost to acquire rights to future revenues (intra-entity)

Deferred loss from sale-leaseback


Proposed Outflows of Resources

Debt issuance costs (other than insurance)

Initial costs incurred by lessor in an operating lease

Acquisition costs for risk pools

Loan origination costs


Proposed Inflows of Resources

Loan origination fees

Commitment fees (after exercise or expiration)


Other Projects in Process

Pension Accounting and Reporting (Plan and Employer EDs)Conceptual Framework—Recognition and Measurement (PV)Economic Condition Reporting—Financial Projections (PV)Government CombinationsTechnical Corrections


Pension Accounting and Financial Reporting


Project Timeline

Staff research completed in 2008

Invitation to Comment issued in 2009

Preliminary Views issued in 2010

Two Exposure Drafts approved in June 2011 include proposals to:• Improve transparency in financial reporting• Enhance decision usefulness of pension information• Assist financial report users to assess accountability

and interperiod equity related to pensions


Fundamental Approach

View the cost of pensions within the context of an ongoing, career-long employment relationship

Use an accounting-based versus funding-based approach to measurement

Produce measures of the employer’s obligation to employees and the current period cost to taxpayers of providing governmental services


Basics

Defined benefit pensions originate from exchanges between the employer and employees of salaries and benefits for employee services and are part of the total compensation for employee services

Obligations for pensions meet the definition of a liability in Concepts Statement 4

Compensation expense should be recognized in the period employee services are provided

40

Basic Three-StepMeasurement Approach

25 62 80

1) Project Benefit Payments

2) Discount Future Payments

Present Value of Payments

3) Attribute to Service Periods

71


Actuarial Assumptions

Selection of all actuarial assumptions should be made in accordance with Actuarial Standards of Practice (unless specific guidance is provided by the GASB).


Projection of Benefits

The projection of pension benefit payments should include the effects of projected future salary increases and future service credits, if part of the benefits formula, as well as automatic COLAs

Ad hoc COLAs would be incorporated into projections of pension benefit payments only if an employer’s practice indicates that the COLAs are substantively automatic


Discount Rate

Should be a single rate that reflects:• The long-term expected rate of return on plan

investments to the extent that - Plan net position is projected to be sufficient to make benefit

payments that are projected to occur in the period, and- Assets are projected to be invested using a long-term

investment strategy

• A high-quality tax exempt municipal bond index rate to the extent that plan net position is projected to no longer be available for long-term investment


Attribution Method

Single actuarial cost allocation method:• Based on entry age normal principles• Applied as a level percentage of payroll• Over periods beginning in first period in which

the employee’s services lead to benefits under the plan (without regard to conditional service-related provisions such as vesting) and ending in last period of the employee’s service


Measurement of Plan Assets

In calculating the employer’s net pension liability, plan net position should be measured in the same way as measured in the plan’s statement of plan net position, including measurement of investments at fair value.


Immediate Expense Recognition

Expense recognition would be immediate for:• Pension benefits earned during the reporting period• Interest cost on the total pension liability• Changes in benefit terms that affect the total pension

liability• Differences between expected and actual changes in

economic and demographic factors and changes in such actuarial assumptions related to inactive/former employees


Deferred Expense Recognition

Expense would be deferred and recognized over a period equal to the weighted average remaining service periods of active employees for: • Differences between expected and actual changes in economic

and demographic factors• Changes in assumptions about economic and demographic

factors

Differences between actual and projected earnings on plan investments would be deferred and recognized as pension expense over a five-year, closed period


Cost-Sharing Employers

A government participating in a cost-sharing plan would report a liability in its own financial statements that is equivalent to its proportionate share of the collective unfunded obligation of the employers in the cost-sharing plan.

Approach uses a basis for allocation of proportionate share based on the employer’s expected contribution effort relative to that of all contributors


What’s Next For Pensions?

Two Exposure Drafts and Plain Language Supplement—are available for download at www.gasb.org

Public hearings—October 2011

Final standards—second quarter 2012

http://www.gasb.org/


Conceptual Framework ProjectRecognition and Measurement Approaches

PV approved June 2011Comment deadline September 30


Recognition and Measurement Attributes Concepts Statement—Objectives

Develop recognition criteria for whether information should be reported in state and local government financial statements and when that information should be reported• Economic resources • Near-term financial resources

Consider the measurement attribute or measurement attributes (for example, historical cost or fair value) that conceptually should be used in government financial statements• Initial values• Re-measured values


Recognition and Measurement Attributes Concepts Statement

Near-term financial resources:

Recognizes balances from a near-term perspective and flows of financial resources for the reporting period

Assets include resources that are normally receivable at period-end and due to convert to cash within the near term (also cash and other financial resources that are available to be converted to cash within the near term)

•Balances of cash and investments•Taxes receivable for the period that are due in the near term

Liabilities include those normally payable at period-end and due within the near term

•Accounts payable and accrued payroll normally due in the near term•Matured amounts of long-term and revenue anticipation debt •Accrued interest payable due in the near term


Recognition and Measurement Attributes Concepts Statement

Near-term financial resources:

Outflows are recognized as spending occurs for the period.• Purchases of goods and services, including prepayments• Purchase of inventories• Lending activities• Principal payments that mature in the period• Interest due during the period or in the near term

Inflows are recognized for newly acquired financial resources that were available for spending.

• Taxes levied for the period—collected during the period or in the near term• Repayments from lending activities due during the period• Proceeds from all borrowing, including long-term debt and revenue anticipation notes


Economic Condition Reporting: Financial Projections


Project Objectives

Identify the information that users of governmental financial information need to assess a governmental entity’s fiscal sustainability

Compare those needs with the information that users receive under the current accounting and financial reporting standards

Consideration of the information users identified as necessary to assess the risks associated with intergovernmental financial dependencies


Project Objectives

Consider whether additional guidance or guidelines should be provided based on the information needed by users

Determine the preferable methods of communicating any additional information, if applicable

Basic Facts about GASB’s Project can be found at http://www.gasb.org/facts/Economic_Condition_Reporting_Fact_Sheet.pdf

http://www.gasb.org/facts/Economic_Condition_Reporting_Fact_Sheet.pdf

http://www.gasb.org/facts/Economic_Condition_Reporting_Fact_Sheet.pdf


What is Fiscal Sustainability?

Fiscal sustainability is a government’s ability and willingness to generate inflows of resources necessary to honor current service commitments and to meet financial obligations as they come due, without transferring financial obligations to future periods that do not result in commensurate benefits.


Overview

Board has discussed:• Categories of information necessary for users to make an

assessment of a government’s fiscal sustainability• Types of information necessary for users to make an assessment of

these categories• The concept of forward looking information and specific forward

looking measures necessary for users to make an assessment of a government’s fiscal sustainability

• Whether and how this type of information should be reported- Should it be required? (RSI)- Period(s) for projections (5 years)- Method(s) to use in making projections (Currently known facts)

A Preliminary Views document is expected to be issued in October


Research Agenda

Electronic Financial Reporting

Fair Value Measurement

Fiduciary Responsibilities

Leases


Questions ?????

Web site—www.gasb.org

Documents

GASB’s New & Upcoming Standards A Governmental Audit Quality Center Web Event September 28, 2011 The views expressed in this presentation are those of