Orange County NC Website
Browse       Search
Metadata
Document management portal powered by Laserfiche WebLink 9 © 1998-2015 Laserfiche. All rights reserved.
11 <br /> 1 finaicial statements. This standard is similar to the requirements of Statement <br /> 2 No. 67 (implemented in 2014) related to penrions and impacts the financial <br /> 3 statements of the plan (i.e. OPEB Trust Fund) itself. The County currently does <br /> 4 not have a OPEB Trust Fund. Applicable for June 30, 2017. <br /> 5 <br /> 6 Commissioner Price asked if the County is required to have an OPEB Trust Fund. <br /> 7 Joel Black said it is not a requirement, and the majority of governments do not have <br /> 8 one. <br /> 9 <br /> 10 o GASB Statement No. 75, Accounting and Financial Reporting for <br /> 11 Postemployment Benefits Other Than Pensions, requires governments providing <br /> 12 defined benefit OPEB plans (post-retirement health-care benefits) to recognize <br /> 13 the full amount of their long-term obligation for OPEB benefits as a liability for <br /> 14 the first time, and to more comprehensively and comparably measure the annual <br /> 15 costs of OPEB benefits. This standard is similar to the requirements of <br /> 16 Statement No. 68 related to pensions, which was implemented this year. <br /> 17 Applicable for June 30, 2018. <br /> 18 o GASB Statement No. 77, Tax Abatement Disclosures <br /> 19 o GASB Statement No. 78, Pensions Provided through Certain Multiple-Employer <br /> 20 Defined Benefit Pension Plans <br /> 21 o GASB Statement No. 80, Blending Requirements for Certain Component Units <br /> 22 o GASB Statement No. 81, Irrevocable Split-Interest Agreements <br /> 23 o GASB Statement No. 82, Pension Issues <br /> 24 o GASB Statement No. 83, Certain Asset Retirement Obligations <br /> 25 o GASB Statement No. 84 Fiduciary Activities <br /> 26 <br /> 27 • Other Matters Currently Being Considered by GASB <br /> 28 o Conceptual framework and current measurement focus considerations (revenue <br /> 29 recognition/60 days rules and consumption vs. purchased method for expensing <br /> 30 inventories) <br /> 31 o Financial reporting model (is GASB 34's model the right model today?) <br /> 32 o Leases (do operating leases meet the definitions of being an asset or liability?) <br /> 33 o Debt extinguishments using existing resources <br /> 34 <br /> 35 • Other Changes <br /> 36 o There continues to be changes to auditing standards relative to the conduct and <br /> 37 reporting of Single Audits. This year's financial and compliance audit recognized <br /> 38 the implementation of the new Uniform Grant Guidance (UG), which included <br /> 39 significant changes to cost principles and other requirements for auditees <br /> 40 receiving Federal funds. These changes are driven based on the grant award <br /> 41 date as awarded by the Federal agency. As such, auditors and auditees will <br /> 42 follow requirements from both the "old" and "new" guidance for a few years to <br /> 43 come. <br /> 44 <br /> 45 Free Quarterly Continuing Education for Governmental Clients <br /> 46 <br /> 47 Questions and Comments <br /> 48 <br /> 49 Commissioner Marcoplos asked if an "audit adjustment" could be clarified. <br />