Notes to the Financial Statements
June 30, 2013
Note 25 New Accounting Pronouncements
In 2013, The State implemented the following statements issued by the Governmental Accounting Standards Board ("GASB").
Accounting and Financial Reporting for Service Concession Arrangements (Statement No. 60)- This Statement establishes accounting and reporting guidance for service concession arrangements (SCA), which are a type of public-private or public-public partnership. In a SCA, (1) a government conveys to an operator the right and related obligation to provide services through the use of infrastructure or another public asset in exchange for significant consideration and (2) the operator collects and is compensated by fees from third parties. The adoption of this Statement had no significant impact on the State's financial statements.
The Financial Reporting Entity: Omnibus an amendment of GASB Statements No.14 and No. 34 (Statement No. 61)- This Statement amends Statement No. 14, The Financial Reporting Entity, and Statement No. 34, Basic Financial Statements-and Management's Discussion and Analysis-for State and Local Governments, to better meet user needs and to address reporting issues that have arisen since the issuance of those Statements. Basically, the Statement modifies certain requirements for inclusion of components in the financial reporting entity. The adoption of the Statement resulted in the modification of note disclosures related to the reporting entity of the State (Note 1b).
Codification of Accounting and Financial Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements (Statement No. 62)-This Statement incorporates into GASB'S authoritative literature certain accounting and reporting guidance found in the Financial Accounting Standards Board and AICPA pronouncements issued on or before November 30, 1989, which does not conflict or contradict GASB pronouncements. The adoption of this Statement had no significant impact on the State's financial statements.
Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources and Net Position (Statement No. 63)- This Statement provides guidance on reporting deferred outflows of resources and deferred inflows of resources, which are to be reported in a statement of net position. Amounts to be reported as deferred outflows or inflows of resources should be reported in the statement of net position in a separate category following assets or liabilities. The statement of net position should report the residual amount as net position, rather than net assets. The adoption of this Statement resulted in a change in the presentation of the Statement of Net Assets to what is now referred to as the Statement of Net Position and the term "net assets" is changed to "net position" throughout the State's financial statements.
Technical Corrections-2012 an amendment of GASB Statements No. 10 and No. 62 (Statement No. 66)-This Statement provides clarification on two recently issued statements: No. 54, Fund Balance Reporting and Governmental Fund Type Definitions, and No. 62 (discussed above). The Statement resolves conflicting guidance created as a result of the issuance of these two statements. The adoption of this Statement had no significant impact on the State's financial statements.