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CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2024 <br /> <br /> <br /> <br /> <br />Note 17 RECENTLY ISSUED ACCOUNTING STANDARDS <br /> <br />The Governmental Accounting Standards Boards (GASB) recently approved the following statements which were <br />not implemented for these financial statements: <br /> <br />Statement No. 102 Certain Risk Disclosures. The provisions of this Statement are effective for fiscal years <br />beginning after June 15, 2024. <br /> <br />Statement No. 103 Financial Reporting Model Improvements. The provisions of this Statement are <br />effective for reporting periods beginning after June 15, 2025. <br /> <br />Statement No. 104 Disclosure of Certain Capital Assets. The provisions of this Statement are effective for <br />Reporting periods beginning after June 15, 2025. <br /> <br />The effect these standards may have on future financial statements is not determinable at this time. <br /> <br /> <br />85 <br />Page 121 of 353