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CITY OF ST. ANTHONY, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2022 <br /> <br /> <br /> <br /> <br />Note 17 ADOPTION OF NEW ACCOUNTING STANDARD <br /> <br />The City implemented GASB Statement No. 87, Leases for the year ended December 31, 2022. As a result, a <br />lease receivable and deferred inflow of resources related to leases are reported on the Statement of Net Position <br />and the Balance Sheet – Governmental Funds. In accordance with GASB 87, prior year comparative amounts <br />have been restated. However, there was no impact on net position or fund balance due to implementing the <br />standard. <br /> <br /> <br />Note 18 RECENTLY ISSUED ACCOUNTING STANDARDS <br /> <br />The Governmental Accounting Standards Board (GASB) recently approved the following statements which <br />were not implemented for these financial statements: <br /> <br />Statement No. 94 Public-Private and Public-Public Partnerships and Availability Payment Arrangements. <br />The provisions of this Statement are effective for reporting periods beginning after June 15, 2022. <br /> <br />Statement No. 96 Subscription – Based Information Technology Arrangements. The provisions of this <br />Statement are effective for reporting periods beginning after June 15, 2022. <br /> <br />Statement No. 99 Omnibus 2022. The provisions of this Statement contain multiple effective dates, the <br />first being for reporting periods beginning after June 15, 2022. <br /> <br />Statement No. 100 Accounting Changes and Error Corrections – an amendment of GASB Statement No. <br />62. The provisions of this Statement are effective for reporting periods beginning after June 15, 2023. <br /> <br />The effect these standards may have on future financial statements is not determinable at this time, but it is <br />expected that Statement No. 87 may have a material impact. <br /> <br /> <br />86