Notes to the Financial Statements

June 30, 2015

Note 24 New Accounting Pronouncements

In 2015, The State implemented the following statements issued by the Governmental Accounting Standards Board ("GASB").

Accounting and Financial Reporting for Pensions an amendment of GASB Statement No. 27 (Statement No. 68) - This Statement improves accounting and financial reporting by the State for pension reporting. It also improves information provided by state governmental employers about financial support for pensions that are provided by other entities. As a result of implementing this Statement, presentation and terminology changes were made to the fund financial statements and government-wide statements as necessary in addition to the immediate recognition of certain elements.

Pension Transition for Contributions Made Subsequent to the Measurement Date (Statement No. 71) - This Statement improves accounting and financial reporting by addressing an issue in Statement No. 68, Accounting and Financial Reporting for Pensions, concerning transition provisions related to certain pension contributions made to defined benefit pension plans prior to implementation of that Statement by employers and nonemployer contributing entities.