The document discusses various GASB standards related to fair value measurement, government accounting practices, and postemployment benefits. It outlines specific GASB Statements and implementation requirements, including disclosures related to tax abatement agreements and investment policies. Effective dates for compliance and specific criteria for reporting are also specified.

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 GASB 72 – Fair Value Measurement (separate class)
 GASB 76 – Hierarchy of GAAP
 GASB 79 – Certain Investment Pools and Participants
 GASB 74 – OPEB – Plan Only
 GASB 77 – Tax Abatement Disclosure
 GASB 78 – Certain Multiple-Employers Pension Plans
 GASB 79 – Certain Investment Pools and Participants
 GASB 80 – Blending Requirements
 GASB 75 – OPEB
 GASB 81 – Irrevocable Split-Interest Agreements
 GASB 82 – Pension Issues

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 Cannot use the long-term rate as there
are no assets to pay benefits

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 Statement that no assets are in trust
 Information about investment-related factors that affect trends should be
limited to those factors over which the plan has influence (for example,
change in investment policies)
 Information about external, economic factors should not be presented (for
example, changes in market prices)

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1. GASB Statements
2. GASB Interpretations currently issued and in effect
1. GASB Technical Bulletins
2. GASB Implementation Guides
3. Literature of the AICPA that has been specifically cleared by GASB (e.g. AICPA Audit
and Accounting Guides)

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1. Consider non-authoritative accounting literature from other sources that does not
conflict or contradict and authoritative GAAP. Sources of these items:

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 Not a State or Local Government Pension Plan
 Provide benefits to both Government and Non Government employees
 No identifiable predominate Government employer

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 GASB 43-Financial Reporting for Postemployment Benefit Plans Other than
Pension Plans and Statement
 GASB 57-OPEB Measurements by Agent Employers

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promise to forgo tax
specific
action

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• Distinguish between government’s OWN agreements and agreements by OTHER
GOVERNMENTS that affect the reporting entity
• Can be individually disclosed or aggregated
• Organized by abatement type or program (e.g. income tax vs. property tax incentive)
• Disclosures required from the date of agreement and should continue through the
abatement expiration date.
Effective date: years ending June 30, 2017

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Description of Disclosure Government's Own
Imposed by other
Government
Name of program 
Purpose of program 
Name of government 
Type of tax being abated  
Dollar amount of taxes abated  
Authority of abate taxes 
Eligibility criteria 
Abatement mechanism 
Recapture clause, if any 
Type of recipient commitments 
Any received/receivable from other governments  
Other commitments by government 
Quantitative threshold for individual disclosure  

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aturity
• Diversification
• Shadow pricing

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 Diversification
 No more than 5% of portfolio in one issuer
 Excludes US Treasury, certain Agency Securities and CDs
 Includes securities underlying repurchase agreements

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Effective date: years ending June 30, 2016 or June 30, 2017 (certain exceptions
for pools regarding portfolio quality, custodial credit risk and shadow pricing)

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Effective date: years ending June 30, 2017

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http://www.gasb.org

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