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17 <br /> <br />entity investigate and consider implementation of a Cyber security Risk Management <br />Program including covering the monitoring and testing of controls in place. <br /> <br /> New GASB Pronouncements- Implemented This Year <br />- GASB Statement No. 75, Accounting and Financial Reporting for <br />Postemployment Benefits Other Than Pensions, replaces the requirements of <br />Statement No. 45 and addressed accounting and financial reporting for OPEB <br />that is provided to the employees of the state and local governmental employers. <br />This statement established standards for recognizing and measuring liabilities, <br />deferred outflows of resources, deferred inflows of resources and <br />expense/expenditures. For defined benefit OPEB, this statement identifies the <br />methods and assumptions that are required to be used to project benefit <br />payments, discount projected benefit payments to their actuarial present value, <br />and attribute that present value to periods of employee service. Note disclosure <br />and required supplementary information requirements about defined benefit OPEB <br />are also addressed. <br /> <br />- Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other <br />Than Pension Plans. The objective of this statement is to improve the usefulness <br />of information about postemployment benefits other than pensions (other <br />postemployment benefits or OPEB) included in the general purpose external <br />financial reports of state and local governmental OPEB plans for making decisions <br />and assessing accountability. This statement results from a comprehensive review <br />of the effectiveness of existing standards of accounting and financial reporting for <br />all postemployment benefits (pensions and OPEB) with regard to providing <br />decision- useful information, supporting assessments of accountability and inter- <br />period equity, and creating additional transparency. <br /> <br />- Statement No. 76, The Hierarchy of Generally Accepted Accounting Principles for <br />State and Local Governments. The objective of this statement is to identify (in the <br />context of the current governmental financial reporting environment) the hierarchy <br />of generally accepted accounting principles (GAAP). The “GAAP hierarchy” <br />consists of the sources of accounting principles used to prepare financial <br />statements of state and local governmental entities in conformity with GAAP and <br />the framework for selecting those principles. <br /> <br />- GASB Statement No. 83, Certain Asset Retirement Obligations, requires the <br />accrual of an estimate for any legally enforceable future liability associated with <br />the retirement of a capital asset (i.e. decommissioning a sewer treatment plant) <br />and to report the expenses over the life of the associated capital asset. Applicable <br />for June 30, 2019. <br /> <br />- GASB Statement No. 84, Fiduciary Activities, This statement establishes <br />criteria for identifying fiduciary activities with a focus on: 1) whether a government <br />is controlling the assets of the fiduciary activity; and, 2) the beneficiaries with <br />whom a fiduciary relationship exists. Applicable for June 30, 2020. <br /> <br /> <br /> New GASB Pronouncements for Future Years