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<br /> <br />Future Accounting Standard Changes (Continued) <br /> <br />The Board considered the effective dates for the requirements of this Statement in light of the COVID-19 pandemic and in <br />concert with Statement No. 95, Postponement of the Effective Dates of Certain Authoritative Guidance. <br /> <br />How the Changes in This Statement Will Improve Accounting and Financial Reporting <br /> <br />The requirements of this Statement will result in more consistent financial reporting of defined contribution pension plans, <br />defined contribution OPEB plans, and other employee benefit plans, while mitigating the costs as sociated with reporting <br />those plans. The requirements also will enhance the relevance, consistency, and comparability of (1) the information <br />related to Section 457 plans that meet the definition of a pension plan and the benefits provided through those pla ns and <br />(2) investment information for all Section 457 plans. <br /> <br />(1) Note. From GASB Pronouncements Summaries. Copyright 2020 by the Financial Accounting Foundation, 401 Merritt 7, <br />Norwalk, CT 06856, USA, and is reproduced with permission. <br /> <br /> * * * * <br /> <br />Restriction on Use <br /> <br />This purpose of this communication is solely for the information and use of the City Council and management of the City <br />and is not intended to be, and should not be used by anyone other than those specified parties. <br /> <br />Our audit would not necessarily disclose all weaknesses in the system because it was based on selected tests of the <br />accounting records and related data. The comments and recommendations in the report are purely constructive in nature, <br />and should be read in this context. <br /> <br />If you have any questions or wish to discuss any of the items contained in this letter, please feel free to contact us at your <br />convenience. We wish to thank you for the continued opportunity to be of service and for the courtesy and cooperation <br />extended to us by your staff. <br /> Abdo <br />Minneapolis, Minnesota <br />January 11, 2022 <br /> <br />13