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<br /> <br />How the Changes in This Statement Will Improve Accounting and Financial Reporting <br /> <br />The unified recognition and measurement model in this Statement will result in a liability for compensated absences that <br />more appropriately reflects when a government incurs an obligation. In addition, the model can be applied consistently to <br />any type of compensated absence and will eliminate potential comparability issues between governments that offer <br />different types of leave. <br /> <br />The model also will result in a more robust estimate of the amount of compensated absences that a government will pay <br />or settle, which will enhance the relevance and reliability of information about the liability for compensated absences <br /> <br />(1) Note. From GASB Pronouncements Summaries. Copyright 2022 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 you r <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 />December 19, 2023 <br /> <br />12 217