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TOM JOSIAH CONSULTING, LLC
Middletown, DE 19709
ph: 302-559-2593
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Technical Corrections–2012–an amendment of GASB Statements No. 10 and No. 62
Statement No. 66 was issued in March 2012 and its objective is to resolve conflicting guidance provided in Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions, and No. 62, Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements.
Statement No. 66 amends Statement No.10, Accounting and Financial Reporting for Risk-Financing and Related Insurance Issues, by removing the provision that limits fund-based reporting of an entity’s risk financing activities to the general fund and the internal service type fund. As a result, governments should now base their decisions about fund type classification on the nature of the activity to be reported, using guidance in Statements No. 34 and 54.
The Statement further amends Statement 62 by modifying the specific guidance on the following:
Statement No. 66 is effective for financial statements for periods beginning after December 15, 2012. The board encourages earlier application. Please contact me with further questions.
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TOM JOSIAH CONSULTING, LLC
Middletown, DE 19709
ph: 302-559-2593
teejaycp