SEGMENT 1:

Eric S. Berman, CPADeputy Comptroller,
Commonwealth of Massachusetts

GASB Standards Being Implemented in FY09 (and beyond)
  a. FY09:
    i. GASB Statement No. 49 Accounting and Financial Reporting for Pollution
       Remediation Obligations
    ii. GASB Statement No. 52 Land and Other Real Estate Held as Investments by Endowments
    iii. GASB Statement No. 55 The Hierarchy of Generally Accepted Accounting Principles
       for State and Local Governments
    iv. GASB Statement No. 56 Codification of Accounting and Financial Reporting Guidance
       Contained in the AICPA Statements on Auditing Standards
  b. FY10 (If time)
    i. GASB Statement No. 53 Accounting and Financial Reporting for Derivative
       Instruments – Just the Highlights
    ii. GASB Statement No. 54 Fund Balance Reporting and Governmental Fund Type
       Definitions
Other Implementation Issues
Questions

SEGMENT 2:

Gregory Driscoll, Partner, Department of Professional Practice,
KPMG LLP

- GASB 51 provides a detailed description of intangible assets that would be covered within
  its scope.
- GASB 51 states all intangible assets within its scope should be classified as capital
  assets.
- GASB 51 provides a specified-conditions approach for recognizing costs associated with
  developing internally generated intangible assets
- A detailed application of this specified-conditions approach is provided in GASB 51 for
  internally generated computer software which is expected to be the most prevalent intangible
  asset
- GASB 51 is effective for fiscal periods beginning after June 15, 2009, but it is key to
  have policies and procedures in place for recognizing internally generated intangible assets at
  the beginning of FY 2010.

SEGMENT 3:

William Seymour, Audit Partner,
SB & Company, LLC

- Service efforts and accomplishments and reporting in current administrations push for
  transparency and reporting of how stimulus funds are being distributed and spent.
- Discussion of fair value accounting (GASB is considering what FASB has done with FAS 157).
- Discussion of overall movement to international financial reporting standards (principles
  versus rules based approach) and consideration of changing in financial statement presentation.
- Discussion of conceptual framework- recognition and measurement attributes- GASB is laying
  the ground work to codify accounting principles instead of relying on what has been practice.

SEGMENT 4:

Kenneth W. BondPartner,
Squire, Sanders & Dempsey LLP

- What is GASB 45 and OPEB?
- How do states and local governments (including school districts) account for OPEB?
- Why GASB 45?
- How will the UAAL be funded?
- Difficulties in determining the UAAL and the ARC.
- Problems with GASB 45 Compliance
- Public Sector Reaction to GASB 45
- Municipal Securities Market Reaction to GASB 45
- Public Policy Problems with GASB 45