Management Report and Recommendations 12/31/1993

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ACCOUNTING STANDARDS UPDATE Appendix B Page 2 Essentially, MSWLF financial statements are required to accrue a liability during the life of a landfill for the closure and postclosure care costs. This Statement is effective for financial statements for periods beginning after June 15, 1993. GASB No. 19 Governmental College and University Omnibus Statement This Statement was issued in September, 1993 and requires governmental colleges and universities that follow the AICPA College Guide model to report Pell grants in a restricted current fund. This Statement also requires that if a single fund is used to account for risk financing activities, that fund should be reported as an unrestricted current fund. For Pell grants, this Statement is effective for financial statements for periods beginning after June 15, 1993. For risk financing activities, this Statement is effective for financial statements for periods beginning after June 15, 1994. Early application is encouraged. GASB No. 20 Accounting and Financial Reporting for Proprietary Funds and Other Governmental Entities that Use Proprietary Fund, Accounting This Statement was issued in September, 1993 and redefines generally accepted accounting principles (GAAP) for proprietary funds. The authoritative status of guidance issued on or before the cutoff date of November 30, 1989, is different from the authoritative status of pronouncements issued subsequently. For guidance issued on or before the cutoff date, pronouncements of the FASB and its predecessor bodies will continue to be applicable to proprietary funds unless they conflict with or contradict GASB guidance. For guidance issued after the cutoff date, proprietary funds make use either of the following approaches to FASB guidance issued after November 30, 1989: 1. An entity may elect to continue to follow FASB guidance that does not conflict with or contradict GASB guidance. If this election is made, it must be followed consistently. It would not be appropriate to follow some FASB pronouncements, issued subsequent to the cutoff date, but not others.