2012 CAFR - Encina Wastewater Authority

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ENCINA WASTEWATER AUTHORITYNOTES TO FINANCIAL STATEMENTSJUNE 30, 2012 AND 2011Note 11 - New Governmental Accounting Standards: (Continued)GASB No. 64In June 2011, the Governmental Accounting Standards Board issued Statement No. 64, “DerivativeInstruments: Application of Hedge Accounting Termination Provisions - an amendment to GASB 53”. Thispronouncement was effective for periods beginning after June 15, 2011. This statement clarifies whether aneffective hedging relationship continues after the replacement of a s wap counterparty or a s wapcounterparty’s credit support provider. The Statement sets forth criteria that establish when the effectivehedging relationship continues and hedge accounting should continue to be applied. The District does nothave any hedge transactions at June 30, 2012.GASB No. 65In March 2012, the Governmental Accounting Standards Board issued Statement No. 65, “Items PreviouslyReported as Assets and Liabilities”. This pronouncement is effective for periods beginning after December15, 2012. This Statement establishes accounting and financial reporting standards that reclassify, as deferredoutflows of resources or deferred inflows of resources, certain items that were previously reported as assetsand liabilities and recognizes, as outflows of resources or inflows of resources, certain items that werepreviously reported as assets and liabilities. This Statement amends the financial statement classification ofcertain items previously reported as assets and liabilities to be consistent with the definitions in ConceptsStatement No. 4. This Statement also provides other financial reporting guidance related to the impact of thefinancial statement elements deferred outflows of resources and deferred inflows of resources, such aschanges in the determination of the major fund calculations and limiting the use of the term deferred infinancial statement presentations. This pronouncement is not anticipated to have a material effect on thefinancial statements of the District in the year of implementation.GASB No. 66In March 2012, the Governmental Accounting Standards Board issued Statement No. 66, “TechnicalCorrections - 2012 - an amendment of GASB Statements No. 10 and No. 62”. This pronouncement is effectivefor periods beginning after December 15, 2012. This statement resolves conflicting guidance that resultedfrom the issuance of two pronouncements, Statements No. 54, “Fund Balance Reporting and GovernmentalFund Type Definitions”, and No. 62, “Codification of Accounting and Financial Reporting Guidance Containedin Pre-November 30, 1989 FASB and AICPA Pronouncements”. T his Statement amends Statement No. 10,“Accounting and Financial Reporting for Risk Financing and Related Insurance Issues”, by removing theprovision that limits fund-based reporting of an entity’s risk financing activities to the general fund and theinternal service fund type. This Statement also amends Statement No. 62 by modifying the specific guidanceon accounting for (1) operating lease payments that vary from a s traight-line basis, (2) the differencebetween the initial investment (purchase price) and the principal amount of a purchased loan or group ofloans, and (3) servicing fees related to mortgage loans that are sold when the stated service fee rate differssignificantly from a current (normal) service fee rate. These changes clarify how to apply Statement No. 13,“Accounting for Operating Leases with Scheduled Rent Increases”, and result in guidance that is consistentwith the requirements in Statement No. 48, “Sales and Pledges of Receivables and Future Revenues andIntra-Entity Transfers of Assets and Future Revenues”, respectively.See accompanying independent auditors’ report.41
ENCINA WASTEWATER AUTHORITYNOTES TO FINANCIAL STATEMENTSJUNE 30, 2012 AND 2011Note 11 - New Governmental Accounting Standards: (Continued)GASB No. 67In June 2012, the Governmental Accounting Standards Board issued Statement No. 67, “Financial Reportingfor Pension Plans - an Amendment of GASB Statement No. 25”. This pronouncement is effective for periodsbeginning after June 15, 2013. This Statement replaces the requirements of Statements No. 25, “FinancialReporting for Defined Benefit Pension Plans and Note Disclosures for Defined Contribution Plans”, and No.50, “Pension Disclosures”, as they relate to pension plans that are administered through trusts or equivalentarrangements (hereafter jointly referred to as trusts) that meet certain criteria. T he requirements ofStatements No. 25 and 50 remain applicable to pension plans that are not administered through trustscovered by the scope of this Statement and to defined contribution plans that provide postemploymentbenefits other than pensions. The Authority has not yet determined the effects of this pronouncement in theyear of implementation.GASB No. 68In June 2012, the Governmental Accounting Standards Board issued Statement No. 68, “Accounting andFinancial Reporting for Pensions”. This pronouncement is effective for periods beginning after June 15, 2013.This pronouncement establishes accounting and financial reporting requirements related to pensions forgovernments whose employees are provided with pensions through pension plans, as well as fornonemployer governments that have a legal obligation to contribute to those plans. The Authority has notyet determined the effects of this pronouncement in the year of implementation.See accompanying independent auditors’ report.42
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2012 CAFR - Encina Wastewater Authority

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