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GASB Codification <br />In December 2010, the GASB issued Statement No. 62, Codification of Accounting and Financial <br />Reporting Guidance Contained in Pre - November 30, 1989 FASB and AICPA Pronouncements. As <br />discussed in the City's accounting policy disclosures in its financial statements, the City historically <br />followed Financial Accounting Standards Board (FASB) guidance issued before November 30, 1989, <br />for purposes of reporting financial activity of proprietary funds such as the Water and Sewer Funds, and <br />GASB guidance issued on and after November 30, 1989, all of which is considered acceptable <br />methods for financial reporting of proprietary funds. However, GASB has accumulated and codified pre - <br />November 30, 1989 FASB guidance deemed applicable to proprietary funds into an all- inclusive <br />Statement No. 62. Statement No. 62 is very thorough, detailed and extensive — over 300 pages in <br />length — and thus will require thoughtful implementation in fiscal year 2012. <br />(9) <br />