Implemented GASB Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions. The following changes have been made to the sample report. Revised the Independent Auditor’s Report to include an emphasis of a matter paragraph to address the adoption of new accounting guidance related to GASB Statement No. 75. Revised the Management’s Discussion and Analysis to include a paragraph in the financial highlights section addressing the restatement related to GASB Statement No. 75. Amended Exhibits A, B and C as a result of recognition of OPEB expense in accordance with GASB Statement No. 75. Revised the following note disclosures – Summary of Significant Accounting Policies (Note 1), Long-Term Liabilities (Note 4) and Other Postemployment Benefits (Note 6). Included a note disclosure (Note 10) for the restatement of the beginning total OPEB liability. Included the following Required Supplementary Information – Schedule of Changes in the Association’s Total OPEB Liability, Related Ratios and Notes. Additional Notes Implementation of GASB Statement No. 72, Fair Value Measurement and Application, is not reflected in this sample report because the only investments included are certificates of deposit. The requirements of GASB Statement No. 72 should be followed when applicable. If the Association has deposits in credit unions at June 30, 2018, Note 2 should be modified to indicate whether the deposits were covered by federal depository insurance, collateralized with securities or letters of credit held by the Association or the Association’s agent in the Association’s name or by the State Sinking Fund in accordance with Chapter 12C of the Code of Iowa. If the Association has not properly complied with Chapter 567-113.14(6) of the Iowa Administrative Code in demonstrating financial assurance for closure and postclosure care, then the Schedule of Findings should include a finding, such as: Financial Assurance – The Association has not demonstrated financial assurance for closure and postclosure care as required by Chapter 567-113.14(6) of the Iowa Administrative Code. The calculation is made as follows:
Implemented GASB Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions. The following changes have been made to the sample report. Revised the Independent Auditor’s Report to include an emphasis of a matter paragraph to address the adoption of new accounting guidance related to GASB Statement No. 75. Revised the Management’s Discussion and Analysis to include a paragraph in the financial highlights section addressing the restatement related to GASB Statement No. 75. Amended Exhibits A, B and C as a result of recognition of OPEB expense in accordance with GASB Statement No. 75. Revised the following note disclosures – Summary of Significant Accounting Policies (Note 1), Long-Term Liabilities (Note 4) and Other Postemployment Benefits (Note 6). Included a note disclosure (Note 10) for the restatement of the beginning total OPEB liability. Included the following Required Supplementary Information – Schedule of Changes in the Association’s Total OPEB Liability, Related Ratios and Notes. Additional Notes Implementation of GASB Statement No. 72, Fair Value Measurement and Application, is not reflected in this sample report because the only investments included are certificates of deposit. The requirements of GASB Statement No. 72 should be followed when applicable. If the Association has deposits in credit unions at June 30, 2018, Note 2 should be modified to indicate whether the deposits were covered by federal depository insurance, collateralized with securities or letters of credit held by the Association or the Association’s agent in the Association’s name or by the State Sinking Fund in accordance with Chapter 12C of the Code of Iowa. If the Association has not properly complied with Chapter 567-113.14(6) of the Iowa Administrative Code in demonstrating financial assurance for closure and postclosure care, then the Schedule of Findings should include a finding, such as: Financial Assurance – The Association has not demonstrated financial assurance for closure and postclosure care as required by Chapter 567-113.14(6) of the Iowa Administrative Code. The calculation is made as follows: