[CAFR-Contacts-News] Reminder - Training Opportunity: GASB Stmt 49 - PollutionRemediation

[ROSS Kathryn * SCD SARS]

Implementing GASB Statement No. 49: A Cooperative Effort in New York

 

A Training Audio Conference

 

NASACT, in conjunction with the Association of Government Accountants
and the Association of Local Government Auditors, is pleased to announce
the latest in its series of audio conferences addressing timely issues
in government auditing and financial management.

 

This audio conference will address the key implementation issues of GASB
Statement No. 49, Accounting and Financial Reporting for Pollution
Remediation Obligations.  Issued in November 2006, this Statement is
effective for financial statements for periods beginning after December
15, 2007, with measurement of pollution remediation liabilities required
at the beginning of that period so that beginning net assets can be
restated.

 

GASB No. 49 is designed to enhance comparability of financial statements
among governments by requiring all governments to account for pollution
remediation obligations in the same manner, including required reporting
of pollution remediation obligations that previously may not have been
reported.  It will also enhance users' ability to assess governments'
obligations by requiring more timely and complete reporting of
obligations as their components become reasonably estimable.  However,
for many financial statement preparers and auditors, this standard is
presenting more implementation issues than originally anticipated.

 

Among the key implementation issues that will be discussed are:

 

*          Assessment - evaluating the impact of the Statement on the
State's remediation environment. 

*          Outreach - identifying potential State reporting entities and
increasing awareness of GASB No. 49 requirements and deadlines.  Also,
identifying State expertise and other available resources.

*          Methodology - determining the acceptable methods to estimate
the liability relative to such factors as: population size, which can
vary greatly among reporting entities; embedded pollution remediation
related costs which can be difficult to estimate in relation to total
project cost; and, limitations of the current accounting system which
require combining information from multiple systems in order to
calculate the outstanding obligation.

*          Internal control - determining what internal controls are
needed to ensure that obligating events are identified,

*          Reporting - determining when remediation outlays may be
capitalized instead of being reported as liabilities,

*          Recoveries - examining how potential recoveries from insurers
or from other responsible parties can reduce the measurement of
remediation obligations.

 

Date:               Wednesday, September 24, 2008

 

Time:              11:00 a.m. - 12:50 p.m. PDT

 

Location:        Department of Administrative Services

                       SFMS Conference Room, 1st Floor

155 Cottage St NE

                       Salem, OR 97201

 

Map link:         http://www.oregon.gov/DAS/docs/maps/CapMall.pdf
<http://www.oregon.gov/DAS/docs/maps/CapMall.pdf> 

 

Cost:               Free (sponsored by SCD)

 

CPE:                2 CPE hours

 

To register:      Due to limited seating capacity, maximum registration
is 20.

Please send an e-mail to SCD.REGISTER at state.or.us
<mailto:SCD.REGISTER at state.or.us> .  The following information should be
included in the text of your email:

1.       Name and date of training (enter in subject line of message)

2.       Attendee name

3.       Agency name and address

4.       Email address

5.       Telephone number 

 

If you have any questions, please call Kathy Dixon at 503-373-7277, ext.
283.

 

 

  

 

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