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Future Pronouncements and Projects <br />Classifications of Nonfinancial Assets — The objective of this project <br />would be to reconsider the existing classification of nonfinancial assets <br />and other related sub -classifications (for example, capital assets or <br />intangible assets) to ensure that (1) assets are classified in a way that <br />provides the most relevant financial information and (2) the definitions <br />of the classifications are understandable and appropriate to meeting Currently in exposure draft. <br />financial reporting objectives. The project also will consider how any <br />classification changes would affect financial statement presentation <br />and disclosure of nonfinancial assets. The project will not, however, <br />reexamine recognition or measurement of nonfinancial assets. <br />Subsequent Events —Reexamination of Statement 56 —The objective <br />of this project is to improve the accounting and financial reporting for <br />subsequent events. The project will reexamine existing requirements <br />related to subsequent events in Statement No. 56, Codification of <br />Accounting and Financial Reporting Guidance Contained in the AICPA <br />Statements on Auditing Standards, to address issues related to (1) <br />confusion about and challenges associated with applying the existing <br />standards, (2) inconsistency in practice in the information provided <br />about subsequent events, and (3) the usefulness of the information <br />provided about subsequent events. <br />References of local government clients <br />Currently initial deliberations. <br />Our clients say it best. And their independent, authentic perspective is invaluable in learning about the <br />experience you'll have when working with us. We encourage you to connect with our clients to hear it firsthand. <br />City of Hesperia <br />Client Contact Casey Brooksher, Assistant City Manager <br />Phone Number I Email 760-947-1813 1 cbrooksher@cityofhesperia.us <br />Address 9700 Seventh Avenue, Hesperia, CA 92345 <br />Dates In excess of seven years and still a current client <br />Engagement Leader Kassie Radermacher, CPA, CFE <br />City audit, Water, Fire, Housing Authority, and CDC audits, single audit, City <br />Services Provided and special districts annual financial transactions report, GANN agreed - <br />upon procedures <br />City of Santa Ana RFP No. 24-009 Page 22 of 63 <br />