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<br /> <br /> <br /> <br /> <br /> SANTA ANA EMPOWERMENT CORPORATION <br /> Notes to the Financial Statements (Continued) <br /> June 30, 2010 and 2009 <br /> <br /> <br /> (i) Functional Allocation of Expenses <br /> <br /> The costs of providing various programs and activities have been summarized on a functional basis in <br /> the Statements of Activities. <br /> <br /> 6) Recent Accounting Pronouncements <br /> The Financial Accounting Standards Board ("FASB") implemented the FASB Accounting Standards <br /> Codification (the "Codification") effective July 1, 2009. The Codification has become the source of <br /> authoritative Generally Accepted Accounting Principles ("GAAP") recognized by FASB to be applied <br /> to nongovernmental entities. On the effective date of the Codification, the Codification superseded all <br /> then existing accounting and reporting standards. All accounting literature not included in the <br /> Codification has become non-authoritative. References to GAAP included in the FASB Codification <br /> are noted as Accounting Standards Codification ("ASC"). <br /> <br /> Following the effective date of the Codification, FASB will not release new standards in the form of <br /> Statements, FASB Staff Positions, or Emerging Issues Task Force abstracts, but instead will issue <br /> Accounting Standards Updates ("ASU"). ASUs will not be considered authoritative in their own right, <br /> but will serve only to update the Codification, provide background information about the guidance in <br /> the Codification, and provide the basis for the conclusions on the changes in the Codification. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> 19C-19 <br />