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DISCUSSION OF RELEVANT ACCOUNTING ISSUES <br />GASB STATEMENT N0.72 <br />GASB Statement No. 72, "Fair Value Measurement and Application", is effective for periods beginning <br />after June 15, 2015. This Statement addresses accounting and financial reporting issues related to fair <br />value measurement. The definition of fair value is the price that would be received to sell an asset or <br />paid to transfer a liability in an orderly transaction between market participants at the measurement <br />date. This Statement provides guidance for determining a fair value measurement for financial <br />reporting purposes. This Statement also provides guidance for applying fair value to certain <br />investments and disclosures related to all fair value measurements. <br />GASB STATEMENT NO. 73 <br />GASB Statement No. 73, 'Accounting and Financial Reporting for Pensions and Related Assets That Are <br />Not within the Scope of GASB Statement 68, and Amendments to Certain Provisions of GASB <br />Statements 67 and 68", is effective for periods beginning after June 15, 2015 - except for those <br />provisions that address employers and governmental nonemployer contributing entities for pensions <br />that are not within the scope of Statement 68, which are effective for periods beginning after <br />June 15, 2016. The requirements of this Statement extend the approach to accounting and financial <br />reporting established in Statement 68 to all pensions, with modifications as necessary to reflect that <br />for accounting and financial reporting purposes, any assets accumulated for pensions that are <br />provided through pension plans that are not administered through trusts that meet the criteria <br />specified in Statement 68 should not be considered pension plan assets. It also requires that <br />information similar to that required by Statement 68 be included in notes to financial statements and <br />required supplementary information by all similarly situated employers. <br />GASB STATEMENT NO. 74 <br />GASB Statement No. 74, "Financial Reporting for Postemployment Benefit Plans Other Than Pension <br />Plans", is effective for periods beginning after June 15, 2016. The objective of this Statement is to <br />improve the usefulness of information about postemployment benefits other than pensions (other <br />postemployment benefits or OPEB) included in the general purpose external financial reports of state <br />and local governmental OPEB plans for making decisions and assessing accountability. This Statement <br />also includes requirements to address financial reporting for assets accumulated for purposes of <br />providing defined benefit OPEB through OPEB plans that are not administered through trusts that <br />meet the specified criteria. <br />GASB STATEMENT NO. 75 <br />GASB Statement No. 75, 'Accounting and Financial Reporting for Postemployment Benefits Other Than <br />Pensions", is effective for periods beginning after June 15, 2017. The scope of this Statement <br />addresses accounting and financial reporting for postemployment benefits other than pension (other <br />postemployment benefits or OPEB) that is provided to the employees of state and local governmental <br />employers. This Statement establishes standards for recognizing and measuring liabilities, deferred <br />outflows of resources, deferred inflows of resources, and expense/expenditures for defined benefit <br />and defined contribution plans. <br />WH=NEIS0DIFHI EVANS I -LP <br />