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11 <br /> as opposed to fair value, if the pool meets certain requirements. The North <br /> Carolina Capital Management Trust— cash portfolio meets these criteria and <br /> reports the value of its investments at amortized cost— and thus the County <br /> reports its investment in the investment pool at amortized cost. This did not <br /> result in a change in value for the County. <br /> • New GASB Pronouncements for Future Years <br /> o GASB Statement No. 73, Accounting and Financial Reporting for Pensions and <br /> Related Assets That Are Not within the Scope of GASB Statemenet 68, and <br /> Amendments to Certain Provisions of GASB Statements 67 and 68, brings <br /> standards for recording the Total Pension Liability (similar to the requirements of <br /> GASB Statement 68) for plans not covered by that standard. This requirement <br /> will be applicable for June 30, 2017. This should affect the reporting of the <br /> County's Law Enforcement Officer's Special Separation Allowance. <br /> o GASB Statement No. 74, Financial Reporting for Postemployment Benefits <br /> Plans Other Than Pension Plans, enhances note diclosures and RSI for OPEB <br /> plan finaicial statements. This standard is similar to the requirements of <br /> Statement No. 67 (implemented in 2014) related to penrions and impacts the <br /> financial statements of the plan (i.e. OPEB Trust Fund) itself. The County <br /> currently does not have a OPEB Trust Fund. Applicable for June 30, 2017. <br /> Commissioner Price asked if the County is required to have an OPEB Trust Fund. <br /> Joel Black said it is not a requirement, and the majority of governments do not have <br /> one. <br /> o GASB Statement No. 75, Accounting and Financial Reporting for <br /> Postemployment Benefits Other Than Pensions, requires governments <br /> providing defined benefit OPEB plans (post-retirement health-care benefits) to <br /> recognize the full amount of their long-term obligation for OPEB benefits as a <br /> liability for the first time, and to more comprehensively and comparably measure <br /> the annual costs of OPEB benefits. This standard is similar to the requirements <br /> of Statement No. 68 related to pensions, which was implemented this year. <br /> Applicable for June 30, 2018. <br /> o GASB Statement No. 77, Tax Abatement Disclosures <br /> o GASB Statement No. 78, Pensions Provided through Certain Multiple-Employer <br /> Defined Benefit Pension Plans <br /> o GASB Statement No. 80, Blending Requirements for Certain Component Units <br /> o GASB Statement No. 81, Irrevocable Split-Interest Agreements <br /> o GASB Statement No. 82, Pension Issues <br /> o GASB Statement No. 83, Certain Asset Retirement Obligations <br /> o GASB Statement No. 84 Fiduciary Activities <br /> • Other Matters Currently Being Considered by GASB <br /> o Conceptual framework and current measurement focus considerations (revenue <br /> recognition/60 days rules and consumption vs. purchased method for expensing <br /> inventories) <br /> o Financial reporting model (is GASB 34's model the right model today?) <br /> o Leases (do operating leases meet the definitions of being an asset or liability?) <br /> o Debt extinguishments using existing resources <br />