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CITY OF SAN LEANDRO <br />MEMORANDUM ON INTERNAL CONTROL <br />JUNE 30, 2012 <br /> <br />SCHEDULE OF OTHER MATTERS <br /> <br />Review Draft 6/18/2013 5:11:57 PM <br /> <br />b. The nature and amounts of assets, liabilities, and deferred inflows of resources related to an SCA that <br />are recognized in the financial statements <br /> <br />GASB 60 - Accounting and Financial Reporting for Service Concession Arrangements (Continued) <br /> <br />c. The nature and extent of rights retained by the transferor or granted to the governmental operator under <br />the arrangement. <br /> <br />GASB 61 - The Financial Reporting Entity – Omnibus – An Amendment for GASB Statement No. 14 <br />and No. 34 – Component Unit Focus <br /> <br />This Statement modifies certain requirements for inclusion of component units in the financial reporting <br />entity. For organizations that previously were required to be included as component units by <br />meeting the fiscal dependency criterion, a financial benefit or burden relationship also would need <br />to be present between the primary government and that organization for it to be included in the <br />reporting entity as a component unit. Further, for organizations that do not meet the financial <br />accountability criteria for inclusion as component units but that, nevertheless, should be included because <br />the primary government’s management determines that it would be misleading to exclude them, this <br />Statement clarifies the manner in which that determination should be made and the types of relationships <br />that generally should be considered in making the determination. <br /> <br />This Statement also amends the criteria for reporting component units as if they were part of the primary <br />government (that is, blending) in certain circumstances. For component units that currently are <br />blended based on the “substantively the same governing body” criterion, it additionally requires <br />that (1) the primary government and the component unit have a financial benefit or burden <br />relationship or (2) management (below the level of the elected officials) of the primary government <br />have operational responsibility (as defined in paragraph 8a) for the activities of the component unit. <br />New criteria also are added to require blending of component units whose total debt outstanding is <br />expected to be repaid entirely or almost entirely with resources of the primary government. The <br />blending provisions are amended to clarify that funds of a blended component unit have the same <br />financial reporting requirements as a fund of the primary government. Lastly, additional reporting <br />guidance is provided for blending a component unit if the primary government is a business-type activity <br />that uses a single column presentation for financial reporting. <br /> <br />GASB 62 - Codification of Accounting and Financial Reporting Guidance Contained in Pre- <br />November 30, 1989 FASB and AICPA Pronouncements <br /> <br />The objective of this Statement is to incorporate into the GASB’s authoritative literature certain <br />accounting and financial reporting guidance that is included in the following pronouncements issued on or <br />before November 30, 1989, which does not conflict with or contradict GASB pronouncements: <br />1. Financial Accounting Standards Board (FASB) Statements and Interpretations <br />2. Accounting Principles Board Opinions <br />3. Accounting Research Bulletins of the American Institute of Certified Public Accountants’ <br />(AICPA) Committee on Accounting Procedure.