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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 />GASB 62 - Codification of Accounting and Financial Reporting Guidance Contained in Pre- <br />November 30, 1989 FASB and AICPA Pronouncements (Continued) <br /> <br />This Statement also supersedes Statement No. 20, Accounting and Financial Reporting for Proprietary <br />Funds and Other Governmental Entities That Use Proprietary Fund Accounting, thereby eliminating the <br />election provided in paragraph 7 of that Statement for enterprise funds and business-type activities to <br />apply post-November 30, 1989 FASB Statements and Interpretations that do not conflict with or <br />contradict GASB pronouncements. However, those entities can continue to apply, as other accounting <br />literature, post-November 30, 1989 FASB pronouncements that do not conflict with or contradict GASB <br />pronouncements, including this Statement. <br /> <br />The provisions of this Statement are organized by topic. Each topic contains provisions derived from <br />FASB and AICPA pronouncements that address the subject matter. The order in which the topics are <br />presented corresponds to the order of the primary locations within the GASB Codification of <br />Governmental Accounting and Financial Reporting Standards, where the topics are codified. <br /> <br />The requirements in this Statement will improve financial reporting by contributing to the GASB’s efforts <br />to codify all sources of generally accepted accounting principles for state and local governments so that <br />they derive from a single source. This effort brings the authoritative accounting and financial <br />reporting literature together in one place, with that guidance modified as necessary to appropriately <br />recognize the governmental environment and the needs of governmental financial statement users. It will <br />eliminate the need for financial statement preparers and auditors to determine which FASB and AICPA <br />pronouncement provisions apply to state and local governments, thereby resulting in a more consistent <br />application of applicable guidance in financial statements of state and local governments. <br />