GASB pronouncements effective for fiscal year 2012 financial statements:
GASB Statement 57 – OPEB Measurements by Agent Employers and Agent Multiple-Employer Plans
This statement is only applicable to entities that run an agent employer or agent multiple employer OPEB plans with fewer than 100 members. It appears most WA State local government OPEB plans are not "agent" plans, and most local governments with fewer than 100 OPEB members use the State Actuary's LEOFF 1 OPEB tool. Hopefully most local governments won't need to actively make changes for this standard.
GASB Statement 60 – Service Concession Arrangements
A service concession arrangement is when a private entity provides cash up front to a government for the right to operate public assets or services. The private entity collects fees from the users, but the government still has control of the service and fees. One example may be an outsourced toll bridge. Most local governments are not going to run into these arrangements, but if you think you might have one, look into this statement!
GASB Statement 62– Codification of AICPA and FASB
This codifies the previous non-GASB standards that we were supposedly following anyway. From what we heard at the GASB Update these changes are mostly academic and will not affect the majority of local governments.
GASB Statement 63 – Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources, and Net Position
If you don't have derivatives or service concession arrangements (see GASB 60) then you won't have deferred outflows of resources or deferred inflows of resources and all you'll need to worry about is a couple terminology changes in the proprietary and government-wide financial statements. "Net Assets" will now be "Net Position," and "Invested in Capital Assets, net of related debt," will now be "Investment in Capital Assets." Just a few minor terminology changes for most entities!
GASB Statement 64 – Derivative Terminations
Local governments in Washington State generally cannot invest in derivatives, so unless you are one of the few, this statement is typically not applicable.
GASB pronouncements effective for fiscal year 2013 financial statements:
GASB Statement 61 – The Financial Reporting Entity: Omnibus-an amendment of GASB 14 and 34
The statement modifies some requirement s for the determining when to consider certain component units as part of the reporting entity.
GASB Statement 66 – Technical Corrections-2012-an amendment of GASB 10 and 62
Technical updates to resolve conflicting guidance for risk financing, operating lease payments, and loans. Hopefully this "clean-up" statement will not have any major effects for most members.
GASB pronouncements effective for fiscal year 2014 financial statements:
GASB Statement 67 – Financial Reporting for Pension Plans—an amendment of GASB 25
Most of the changes from this statement will probably be administered by DRS and provided through the notes in the BARS manual.
GASB Statement 69 – Government Combinations and Disposals of Government Operations
Per the Journal of Accountancy, this standard provides guidance for determining whether a combination is a merger, acquisition, or transfer of operations and how to value assets. Also provides guidance for reporting the disposal of government operations that have been transferred or sold.
GASB Statement 70 – Accounting and Financial Reporting for Nonexchange Financial Guarantees
A nonexchange financial guarantee is when the guarantor agrees to pay an obligation holder in the event that the issuer of the obligation is not able to make its required payments to the obligation holder. If one government guarantees the bonds of another government and the secondary government is having financial difficulties, the guaranteeing government may have to report a liability on their statements.
GASB pronouncements effective for fiscal year 2015 financial statements:
GASB Statement 68 – Accounting and Financial Reporting for Pensions—an amendment of GASB 27
Most of the changes from this statement will probably be administered by DRS and provided through the notes in the BARS manual.