Comprehensive Annual Financial Report - Harford County Public ...
Comprehensive Annual Financial Report - Harford County Public ...
Comprehensive Annual Financial Report - Harford County Public ...
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HARFORD COUNTY PUBLIC SCHOOLS<br />
NOTES TO FINANCIAL STATEMENTS<br />
June 30, 2012<br />
NOTE 10 – NEW PRONOUNCEMENTS (continued)<br />
Accounting Termination Provision, effective for the year ended June 30, 2013. Also in June of<br />
2011, GASB issued Statement No. 63, <strong>Financial</strong> <strong>Report</strong>ing of Deferred Outflows of Resources,<br />
Deferred Inflows of Resources, and Net Position, effective for the year ended June 30, 2013. In<br />
December 2010, GASB issued Statement No. 62, Codification of Accounting and <strong>Financial</strong><br />
<strong>Report</strong>ing Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements,<br />
effective for the year ended June 30, 2013. In November 2010, GASB issued Statement No. 61,<br />
The <strong>Financial</strong> <strong>Report</strong>ing Entity: Omnibus, effective for the year ended June 30, 2013. Also in<br />
November 2010, GASB issued Statement No. 60, Accounting and <strong>Financial</strong> <strong>Report</strong>ing for<br />
Service Concession Arrangements, effective for the year ended June 30, 2013. <strong>Harford</strong> <strong>County</strong><br />
<strong>Public</strong> Schools will implement these statements as of their effective dates. While <strong>Harford</strong><br />
<strong>County</strong> <strong>Public</strong> Schools is still in the process of determining the effects of implementing these<br />
GASB statements, they are not expected to have a material effect on the financial position of<br />
<strong>Harford</strong> <strong>County</strong> <strong>Public</strong> Schools.<br />
During the year ended June 30, 2011, <strong>Harford</strong> <strong>County</strong> <strong>Public</strong> Schools implemented GASB<br />
Statement No. 57, OPEB Measurements by Agent Employers and Agent Multiple Employer<br />
Plans with no material effect to the financial position of <strong>Harford</strong> <strong>County</strong> <strong>Public</strong> Schools.<br />
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