Tom Josiah Consulting, LLC

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TOM JOSIAH CONSULTING, LLC
Middletown, DE 19709
ph: 302-559-2593

teejaycpa@verizon.net

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Statement 66 - Technical Corrections - 2012 - an Amendment of GASB Statements No. 10 and 62

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:

  1. Provisions provided in Statement 62 on accounting for operating lease payments that vary from a straight-line basis were removed so that the use of the fair value method to value operating lease payments is still permitted, which was originally allowed under Statement No. 13.

  2. The purchase of a loan or group of loans should be reported at its purchase price, which is in accordance with Statement No. 48.

  3. Provisions in Statement No. 62 were removed relating to an adjustment of the sales price for purposes of determining any gain or loss on the sale.  The Statement 66 now defaults to the requirements of Statement 48 which does not require an adjustment to the sales price.

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

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TOM JOSIAH CONSULTING, LLC
Middletown, DE 19709
ph: 302-559-2593

teejaycpa@verizon.net