b'LOS ANGELES FIRE AND POLICE PENSION SYSTEM NOTES TO FINANCIAL STATEMENTS JUNE 30, 2024 AND 2023NOTE 3NEW ACCOUNTING STANDARDS Implementation of the following GASB statements effective beginning fiscal year 2024.In June 2023, the GASB issued Implementation Guide No. 2023-1, Implementation Guidance Update -2023. This Implementation Guide amends Implementation Guide No. 2019-3, Leases, and Implementation Guide No. 2021-1, Implementation Guidance Update - 2021. The requirements of this Implementation Guide are effective for fiscal years beginning after June 15, 2023. LAFPP implemented this guide without material impact.In June 2022, the GASB issued Statement No. 100, Accounting Changes and Error Corrections. This is an amendment of GASB Statement No. 62. This new statement defines accounting changes as changes in accountingprinciples,changesinaccountingestimates,andchangetoorwithintheaccountingand financial reporting for each type of accounting changes and error corrections in previously issued financial statements. The requirements of this Statement are effective for accounting changes and error corrections made in fiscal years beginning after June 15, 2023. LAFPP implemented this guide without material impact.Recent GASB Pronouncements for Future AdoptionThe following GASB pronouncements have been issued and are scheduled for adoption in upcoming fiscal years. LAFPP will evaluate their potential impact as they become effective:In June 2022, the GASB issued Statement No. 101, Compensated Absences. This statement requires that liabilities for compensated absences be recognized for leave that has not been used and leave that has been used but not yet paid in cash or settled through noncash means. This Statement also establishes guidance for measuring a liability for leave that has not been used, generally using an employees pay rate as of the date ofthe financial statements. The requirements of this Statement are effective for fiscal years beginning after December 15, 2023.In December 2023, the GASB issued Statement No. 102, Certain Risk Disclosures. This statement requires a government to assess whether a concentration or constraint makes the primary government reporting unit or other reporting units that report a liability for revenue debt vulnerable to the risk of a substantial impact. The statement also establishes the criteria for disclosure for a concentration or a constraint. The requirements of this Statement are effective for fiscal years beginning after June 15, 2024.In April 2024, the GASB issued Statement No. 103, Financial Reporting Model Improvements. This statement improves the key components of the financial reporting model to enhance its effectiveness in providing information that is essential for decision making and assessing a governments accountability. The requirements of this Statement are effective for fiscal years beginning after June 15, 2025.In September 2024, the GASB issued Statement No. 104, Disclosure of Certain Capital Assets. This statement requires certain types of capital assets to be disclosed separately in the capital assets note disclosures required by GASB Statement No. 34. This statement also requires additional disclosures for capital assets held for sale. The requirements of this Statement are effective for fiscal years beginning after June 15, 2025. 24 SECTION 2 Financials 41'