Coastal Water Authority Pension Plan Financial Statements: 2014 and 2015 Page: 10
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Coastal Water Authority Pension Plan
Notes to Financial Statements
September 30, 2015 and 2014
Recently Issued Accounting Pronouncements
In May 2015, the Financial Accounting Standards Board -(FASB) issued Accounting
Standards Update (ASU) No. 2015-07, Disclosures for Investments in Certain Entities That
Calculate Net Asset Value (NAV) per Share (or its equivalent) (ASU 2015-07). ASU 2015-
07 removes the requirement to include investments in the fair value hierarchy for which fair
value is measured using the net.asset value per share practical expedient under Accounting
Standards Codification (ASC) 820. ASU 2015-07 is effective for the Plan retrospectively for
the year beginning after December 15, 2016 with early adoption permitted. Plan management
believes the adoption of this guidance concerns disclosure only and will not have an impact
on the Plan's financial statements.
In July 2015, the FASB issued ASU No. 2015-12, "(Part I) Fully Benefit-Responsive
Investment Contracts, (Part II) Plan Investment Disclosures, (Part III) Measurement Date
Practical Expedient" - consensuses of the Emerging Issues Task Force (ASU No. 2015-12).
ASU 2015-12 (1) requires a pension plan to use contract value as the only measure for fully
benefit-responsive investment contracts, (2) simplifies and increases the effectiveness of the
investment disclosure requirements for employee benefit plans, and (3) provides benefit plans
with a measurement-date practical expedient similar to the practical expedient provided to
employers in ASU 2015-04, Practical Expedient for the Measurement Date of an Employer's
Defined Benefit Obligation and Plan Assets. ASU 2015-12 is effective for fiscal years
beginning after December 31, 2015, with early application permitted. The Plan is required to
apply the amendments retrospectively for all statements presented except for Part III which
requires a prospective application. Plan management believes the adoption of this guidance
concerns disclosure only and will not have an impact on the Plan's financial statements.
Plan Management's Review of Subsequent Events
In preparing the accompanying financial statements, Plan management has reviewed all
known events that have occurred after September 30, 2015, and through January 12, 2016,
the date when these financial statements were available to be issued, for inclusion in the
financial statements and footnotes.S
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Coastal Water Authority Pension Plan Financial Statements: 2014 and 2015, report, September 30, 2014; (https://texashistory.unt.edu/ark:/67531/metapth903710/m1/12/: accessed July 17, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.