Table 2
Summary of Effective Dates

Pronouncements	Effective Dates
FASB Statement No. 123(R), Share-Based Payment	Statement 123(R) is effective in stages: -        Public entities that do not file as small business issuers must adopt the standard as of the beginning of the first interim or annual reporting period that begins after June 15, 2005 -        Public entities that file as small business issuers must adopt as of the beginning of the first interim or annual reporting period that begins after December 15, 2005 -        Nonpublic entities must adopt as of the beginning of the first annual reporting period that begins after December 15, 2005. Statement 123, as originally issued, is effective until the provisions of Statement 123(R) are adopted.
FASB Statement No. 132(R), Employers’ Disclosures about Pensions and Other Postretirement Benefit	Statement 132(R)’s new or revised disclosure requirements are effective according to the following schedule: -       Annual disclosures: fiscal years ending after December 15, 2003. -        Interim period disclosures: interim periods beginning after December 15, 2003. Exceptions: (a) Disclosure of certain information about foreign plans is effective for fiscal years ending after June 15, 2004. (b) Disclosure of future benefit payments is effective for fiscal years ending after June 15, 2004. (c) Disclosure of information for nonpublic entities is effective for fiscal years ending after June 15, 2004. Special disclosure requirements apply when the financial statements exclude information about foreign plans during the transition period. Rules for restatements: Disclosures for earlier annual periods presented for comparative purposes must be restated for (a) the percentages of each major category of plan assets held, (b) the accumulated benefit obligation, and (c) the assumptions used in the accounting for the plans. The disclosures for earlier interim periods presented for comparative purposes must be restated for the components of net benefit cost. Exceptions: If obtaining the information relating to earlier periods is not practicable, the notes to the financial statements must include all available information and identify the information not available.
FASB Statement No. 150, Accounting for Certain Financial Instruments with Characteristics of Both Liabilities and Equity	Original effective date: For mandatorily redeemable shares of private companies, Statement 150 originally was effective for fiscal periods beginning after December 15, 2003. For all other instruments in the scope of Statement 150, the effective dates were as follows: -       Immediately, for instruments entered into or modified after May 31, 2003. -       The first interim period beginning after June 15, 2003 for preexisting instruments. Revised effective dates: As a result of the partial deferrals made by FSPs, the effective dates for the standard are now as follows: ·        Private companies. For instruments that are mandatorily redeemable on fixed dates for amounts that are fixed or determinable Statement 150 is effective for fiscal periods beginning after December 15, 2004. For other mandatorily redeemable shares issued by private companies, the requirements were deferred indefinitely. ·        All companies. For noncontrolling interests in consolidated subsidiaries that are deemed mandatorily redeemable only because the issuing entity has a limited life, the classification and measurement provisions are deferred indefinitely (and early adoption is precluded). For other types of mandatorily redeemable noncontrolling interests in consolidated subsidiaries created before November 5, 2003, the measurement provisions of Statement 150 are deferred indefinitely. There was no change in the effective dates for other types of instruments.
FASB Statement No. 151, Inventory Costs – An Amendment of ARB No. 43, Chapter 4	Statement 151 is effective for inventory costs incurred during fiscal years beginning after June 15, 2005. Earlier application is permitted for inventory costs incurred during fiscal years beginning after November 24, 2004. The provisions of this Statement should be applied prospectively.
FASB Statement No. 152, Accounting for Real Estate Time-Sharing Transactions	Statement 152 is effective for fiscal years beginning after June 15, 2005. Restatement of previously issued financial statements is not permitted.
FASB Statement No. 153, Exchanges of Nonmonetary Assets	Statement 153 is effective for nonmonetary asset exchanges occurring in fiscal periods beginning after June 15, 2005. Earlier application is permitted for nonmonetary asset exchanges occurring in fiscal periods beginning after December 16, 2004. The provisions of this Statement should be applied prospectively.
AICPA SOP No. 03-3, Accounting for Loans or Certain Debt Securities Acquired in a Transfer		SOP 03-3 is effective for loans acquired in fiscal years beginning after December 15, 2004. Previously issued annual financial statements should not be restated. Early application of this SOP is encouraged, but not required, for transfers of loans subsequent to the issuance of this SOP but prior to the effective date.
AICPA SOP No. 04-2, Accounting for Real Estate Time-Sharing Transactions		SOP 04-2 is effective for fiscal years beginning after June 15, 2005. Earlier application is encouraged as of the beginning of fiscal years for which financial statements or information have not been issued. Previously issued financial statements should not be restated.
GASB Statement No. 40, Deposit and Investment Risk Disclosures, an amendment of GASB Statement No. 3		Statement 40 is effective for financial statements for periods beginning after June 15, 2004. Earlier application is encouraged.
GASB Statement No. 42, Accounting and Financial Reporting for Impairment of Capital Assets and for Insurance Recoveries	Statement 42 is effective for financial statements for periods beginning after December 15, 2004. Earlier adoption is encouraged. Accounting changes adopted to conform to the provisions of this Statement should be applied retroactively by restating financial statements, if practical, for all prior periods presented. If restatement is not practical, the cumulative effect of applying this Statement, if any, should be reported as a restatement of beginning net assets, fund balances, or fund equity, as appropriate, for the earliest period restated. In the period this Statement is first applied, the financial statements should disclose the nature of any restatement and its effect. Also the reason for not restating prior periods presented should be explained. Previously reported impairments, if any, resulted in a new cost basis for the impaired capital asset and should not be restated.
GASB Statement No. 43, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans	The requirements of Statement 43 for OPEB plan reporting are effective one year prior to the effective date of the related Statement for the employer (single-employer plan) or for the largest participating employer in the plan (multiple-employer plan). The requirements of the related Statement are effective in three phases based on a government’s total annual revenues, as defined in that Statement, in the first fiscal year ending after June 15, 1999—the same criterion used to determine a government’s phase for implementation of GASB Statement No. 34, Basic Financial Statements—and Management’s Discussion and Analysis—for State and Local Governments. -        Plans in which the sole or largest participating employer is a phase 1 government (those with total annual revenues of $100 million or more) are required to implement this Statement in financial statements for periods beginning after December 15, 2005. -        Plans in which the sole or largest participating employer is a phase 2 government (total annual revenues of $10 million or more but less than $100 million) are required to implement this Statement in financial statements for periods beginning after December 15, 2006. -        Plans in which the sole or largest participating employer is a phase 3 government (total annual revenues of less than $10 million) are required to implement this Statement in financial statements for periods beginning after December 15, 2007. If comparative financial statements are presented, restatement of the prior-year financial statements is required. Early implementation of this Statement is encouraged.
GASB Statement No. 44, Economic Condition Reporting - The Statistical Section -- An Amendment of NCGA Statement 1	The provisions of Statement 44 are effective for statistical sections prepared for periods beginning after June 15, 2005. Governments that prepare a statistical section for the first time in response to this Statement (or that previously prepared a statistical section but did not present certain information) are encouraged, but not required, to report all required years of information retroactively. Governments are encouraged, but not required, to implement the government-wide information required by this Statement retroactively to the year they implemented Statement 34. If information required by this Statement differs from information previously reported by governments, governments are encouraged, but not required, to restate or revise the information for previous years. If the information for previous years is not restated or revised, governments should clearly indicate the year of implementation of the information required by this Statement and explain the nature of the differences from prior information.
GASB Statement No. 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions	Statement 45 generally provides for prospective implementation—that is, that employers set the beginning net OPEB obligation at zero as of the beginning of the initial year. Implementation is required in three phases based on a government’s total annual revenues in the first fiscal year ending after June 15, 1999. The definitions and cutoff points for that purpose are the same as those in Statement 34. This Statement is effective for periods beginning after December 15, 2006, for phase 1 governments (those with total annual revenues of $100 million or more); after December 15, 2007, for phase 2 governments (those with total annual revenues of $10 million or more but less than $100 million); and after December 15, 2008, for phase 3 governments (those with total annual revenues of less than $10 million). Earlier implementation is encouraged.
GASB Statement No. 46, Net Assets Restricted by Enabling Legislation - An Amendment of GASB Statement No. 34	The requirements of GASB Statement 46 are effective for financial statements for periods beginning after June 15, 2005. Earlier application is encouraged. Accounting changes adopted to conform to the provisions of this Statement should be applied retroactively by reclassifying net asset information, if practical, in financial statements for all prior periods presented. In the period this Statement is first applied, the financial statements should disclose the nature of any reclassification and its effect. Also, the reason for not reclassifying net asset information for prior periods presented should be explained.
GASB Technical Bulletin No. 2004-1, Tobacco Settlement Recognition and Financial Reporting Entity Issues	Technical Bulletin 2004-1 is effective for financial statements for periods ending after June 15, 2004. Earlier application is encouraged. Adjustments resulting from a change to comply with this Technical Bulletin should be treated as adjustments of prior periods. The financial statements of all prior periods presented should be restated, if practical, to show the financial information of the new reporting entity for all periods. If restatement of the financial statements for prior periods is not practical, the cumulative effect of applying this Technical Bulletin should be reported as a restatement of beginning net assets/fund balance for the earliest period restated. In the period this Technical Bulletin is first applied, the financial statements should disclose the nature of the restatement and its effect.
GASB Technical Bulletin No. 2004-2, Recognition of Pension and Other Postemployment Benefit [OPEB] Expenditures/Expense and Liabilities by Cost-Sharing Employers	For pension transactions, Technical Bulletin 2004-2 is effective for financial statements for periods ending after December 15, 2004; earlier application is encouraged. For OPEB transactions, the provisions of GASB Technical Bulletin 2004-2 should be applied simultaneously with the requirements of Statement 45.

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