PRONOUNCEMENTS

EFFECTIVE DATES

SFAS No. 107, Disclosures about Fair Value of Financial Instruments - Extends existing fair value disclosure practices for some instruments by requiring all entities to disclose the fair value of financial instruments, both assets and liabilities recognized and not recognized in the statement of financial position, for which it is practicable to estimate fair value.

If total assets are greater than $150 million: years ending after December 15, 1992.

If total assets are less than $150 million: years ending after December 15, 1995.

SFAS No. 116, Accounting for Contributions Received and Contributions Made - Establishes standards for contributions and requires not-for-profit organizations to distinguish between contributions received that increase permanently, temporarily, and unrestricted net assets. Allows for certain contribution exceptions and requires certain disclosures.

For years beginning after December 15, 1994 and interim periods within those fiscal years, except for not-for-profit organizations with less than $5 million in total assets and $1 million in annual expenses, the effective date shall be for fiscal years beginning after December 15, 1995. Earlier application is encouraged.

SFAS No. 117, Financial Statements of Not-for-Profit Organizations - Establishes standards for general purpose external financial statements provided by a not-for-profit organization. Requires financial statements provide certain basic information that focuses on the entity as a whole to meet the common needs of external users. Requires statements of financial position, activities, and cash flows with amounts for each of three classes of net assets and changes in each class of net assets be displayed.

For annual financial statements issued for fiscal years beginning after December 15, 1994, except for organizations with less than $5 million in total assets and $1 million in annual expenses, the effective date shall be for fiscal years beginning after December 15, 1995. Earlier application is encouraged. This statement need not be applied in interim periods in the initial year of application but shall be reclassified if reported with annual financial statements for that fiscal year. Retroactive application is required if comparative annual financial statements are presented for earlier years.

SFAS No. 119, Disclosure about Derivative Financial Instruments and Fair Value of Financial Instruments - Requires disclosure about derivatives held or used for trading by requiring average fair value of derivatives during the reporting period and disaggregated information on net gain or losses arising during the period.

For fiscal years ending after December 15, 1994, except for entities with less than $150 million in total assets in the current statement of financial position, the effective date is for fiscal years ending after December 15, 1995. Earlier application is encouraged. This statement need not be applied to complete interim financial statements in the initial year of application.

SFAS No. 120, Accounting and Reporting by Mutual Life Insurance Enterprises and by Insurance Enterprises for Certain Long-Duration Participating Contracts - Extends the requirements of FASB Statements Nos. 60, 97 and 113 to mutual life insurance enterprises. Those FASB statements should be applied to the contracts not covered by SOP 95-1.

For fiscal years beginning after December 15, 1995, with earlier application encouraged. Initial application shall be reported retroactively through restatement of all previously issued financial statements for comparative purposes for fiscal years beginning after December 15, 1992.

SFAS No. 121, Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of - Establishes criteria for recognition of loss when expected future cash flows from an asset are less than the carrying amount of the asset.

For fiscal years beginning after December 15, 1995, with earlier application encouraged.

SFAS No. 122, Accounting for Mortgage Servicing Rights an amendment of FASB Statement No. 65 - Requires that a mortgage banking enterprise recognize as separate assets rights to service mortgage loans for others, however those servicing rights are acquired.

For fiscal years beginning after December 15, 1995, with earlier application encouraged.

SFAS No. 123, Accounting for Stock-Based Compensation - Establishes financial accounting and reporting standards for stock-based employee compensation plans.

For calendar year 1996. Disclosure required in 1996 financial statements about 1995 stock options.

SFAS No. 124, Accounting for Certain Investments Held by Not-for-Profit Organizations - Establishes standards for accounting for certain investments held by not-for-profit organizations and requires that investments in equity securities with readily determinable fair values and all investments in debt securities be reported at fair value.

For fiscal years beginning after December 15, 1995.

SFAS No. 125, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities - Provides accounting and reporting standards for transfers and servicing of financial assets and extinguishment of liabilities based on the financial-components approach, that focuses on control. The statement distinguishes transfers that are secured borrowings from transfers of financial assets that are sales.

For transfers and servicing of financial assets and extinguishments of liabilities occurring after December 31, 1996, and applied prospectively. Earlier or retroactive application is not permitted.

SFAS No. 126, Exemption from Certain Required Disclosures About Financial Instruments for Certain Nonpublic Entities - Amends FASB Statement No. 107 to exempt certain small nonpublic companies and not-for-profit organizations from requiring financial instrument disclosures.

Effective for fiscal years ending after December 15, 1996. Earlier application is permitted in financial statements that have not been issued previously issued.

SFAS No. 127, Deferral of Effective Date of Certain Provisions of FASB No 125 - Defers for one year the effective date (a) of paragraph 15 of FASB No. 125 and (b) for repurchase agreement, dollar-roll, securities lending, and similar transactions, of paragraphs 9-12 and 237(b) of Statement No. 125.

Effective December 31, 1996.

SFAS No. 128, Earnings per Share - Replaces APB Opinion 15. Simplifies and makes compatible with International Standards, the computation of EPS by replacing the presentation of primary EPS with a presentation of basic EPS. Requires dual presentation of basic and diluted EPS by entities with complex capital structures.

Effective for financial statements issued for periods ending after December 15, 1997.

SFAS No. 129, Disclosure of Information about Capital Structure - Consolidates existing capital structure disclosure requirements for ease of retrieval.

Effective for financial statements issued for periods ending after December 15, 1997.

SOP 94-6, Disclosure of Certain Significant Risks and Uncertainties - Requires disclosures of certain risks and uncertainties, including nature of operations, use of estimates in financial statements, certain significant estimates, and current vulnerability due to concentration.

For annual financial statements for periods ending after December 15, 1995.

SOP 95-1, Accounting for Certain Insurance Activities of Mutual Life Insurance Enterprises - Provides guidance for certain participating insurance contracts of Mutual Life Insurance enterprises.

For fiscal years beginning after December 15, 1995.

SOP 95-2, Financial Reporting by Nonpublic Investment Partnerships - Provides guidance on financial statement presentation, and disclosure of investments, and income and partner's capital.

For fiscal years beginning after December 15, 1994.

SOP 95-3, Accounting for Certain Distribution Costs of Investment Companies - Provides guidance for certain distribution costs of investment companies that adopt plans that comply with rule 270.12b-1 of the Investment Company Act of 1940.

For annual financial statements for fiscal years beginning after December 15, 1995, and for interim financial statements for periods in such years, with earlier application encouraged.

SOP 95-4, Letters for State Insurance Regulators to Comply With the NAIC Model Audit Rule - Provides guidance to auditors on the form and content of communication with state insurance regulators.

For audits of statutory financial statements performed for periods on or after December 15, 1995, with earlier application encouraged.

SOP 95-5, Auditors' Reporting on Statutory Financial Statements of Insurance Companies - Advises auditors that they can no longer issue these financial statements that include a disclaimer of opinion as to fair presentation in conformity with GAAP.

For audits for years ended on or after December 15, 1996.

SOP 96-1, Environmental Remediation Liabilities - Discusses major federal legislation on responsibility and clean-up laws and provides guidance on accounting issues that are present in the recognition, measurement, display, and disclosure of environmental remediation liabilities.

For fiscal years beginning after December 15, 1996, with earlier application encouraged.

SAS No. 75, Engagements to Apply Agreed-Upon Procedures to Specified Elements, Accounts, or Items of a Financial Statement - Provides guidance to specified elements, accounts or items of a financial statement.

For reports dated after April 30, 1996.

SAS No. 76, Amendments to SAS No. 72, Letters for Underwriters and Certain Other Requesting Parties - Provides guidance and an example letter when one of the parties identified in paragraphs 3, 4, or 5 of SAS No.72, other than an underwriter or other party with a due diligence defense under section 11 of the Securities Act of 1933, requests a letter but does not meet the criteria in SAS No. 72.

For letters issued pursuant to paragraph 9 after April 30, 1996.

SAS No. 77, Amendments to SAS No. 22, Planning and Supervision, No. 59, The Auditor's Consideration of an Entity's Ability to Continue as a Going Concern, and No. 62, Special Reports - SAS No. 22 Amendment clarifies that a written audit program be prepared for all audits. SAS No. 59 Amendment precludes the auditor from using conditional language about the entity's ability to continue as a going concern in a going-concern explanatory paragraph. SAS No. 62 Amendment prevents the general distribution of audited financial statements that were prepared in accordance with financial reporting provisions of a government regulatory agency pursuant to SAS No. 62.

SAS No 22 amendment is effective for engagements beginning after December 15, 1995. SAS No. 59 amendment is effective for reports issued after December 15, 1995. SAS No. 62 amendment is effective for audits for periods ended on or after December 31, 1996.

SAS No. 78, Consideration of Internal Control in a Financial Statement Audit: An Amendment to SAS No. 55 - Revises the SAS No. 55 definition and description of internal control to recognize the definition and description contained in Internal ControlCIntegrated Framework published by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

For audits for periods beginning on or after January 1, 1997, with earlier application encouraged.

SAS No. 79, Amendment to SAS No. 58, Reports on Audited Financial Statements - Eliminates the requirement that when certain criteria are met, the auditor add an uncertainties explanatory paragraph to the auditor's report. The statement also clarifies and reorganizes the guidance in SAS No. 58 concerning emphasis paragraphs, matters involving uncertainties, and disclaimers of opinions.

For reports issued or reissued on or after February 29, 1996, with earlier application encouraged.

SAS No. 80, Amendment to Statement on Auditing Standards No. 31, Evidential Matter - provides guidance to auditors engaged to audit the financial statements of entities for which significant information is transmitted, processed, maintained, or accessed electronically.

For engagements beginning on or after January 1, 1997.

SAS No. 81, Auditing Investments - revises guidance on auditing investments to make that guidance consistent with recently issued accounting standards.

For audits of financial statements for periods ending on or after December 15, 1997, with earlier application permitted.

SAS No. 82, Consideration of Fraud in a Financial Statement Audit - Defines two kinds of fraud and requires the auditor to specifically assess the risk of material misstatement due to fraud on every audit and provides categories of fraud risk factors that the auditor should consider in making the assessment.

For audits of financial statements for periods ending on or after December 15, 1997.

SSAE No. 4, Agreed-Upon Procedure Engagements - Requires a written assertion from management as a condition of engagement performance in engagements that generally apply agreed-upon procedures to nonfinancial information.

For reports dated after April 30, 1996.

SSAE No. 5, Amendment to SSAE No.1, Attestation Standards - Provides guidance on the quality, type, and contents of working papers and indicates that working papers should include documentation that the work was adequately planned and supervised and that evidential matter was obtained to provide a reasonable basis for the conclusion(s) expressed.

For engagements beginning after December 15, 1995.

SSAE No. 6, Reporting on an Entity's Internal Control over Financial Reporting: An Amendment to SSAE No. 2 - Conforms the description of elements of an entity's internal control to the components of internal control contained in SAS No. 78 and Internal Control: Integrated Framework.

For examination of management's assertion when the assertion is as of or for the period ending on December 15, 1995, or thereafter, with earlier application encouraged.

GASB Statement No. 24, Accounting and Financial Reporting for Certain Grants and Other Financial Assistance - Issued as an implementation guide for Statement No. 14, The Financial Reporting Entity: and a concepts statement on service efforts and accomplishments (SEA) reporting.

For years beginning after June 15, 1995.

GASB Statement No. 25, Financial Reporting for Defined Benefit Pension Plans and Note Disclosures for Defined Contribution Plans - Sets accounting for pensions by employers and pension plans and for post-employment plans administered by defined benefit pension plans.

For years beginning after June 15, 1996.

GASB Statement No. 26, Financial Reporting for Postemployment Healthcare Plans Administered by Defined Benefit Pension Plans - Sets accounting for pensions by employers and pension plans and for post-employment plans administered by defined benefit pension plans.

For years beginning after June 15, 1996.

GASB Statement No. 27, Accounting for Pensions by State and Local Governmental Employers - Sets accounting for pensions by employers and pension plans and for post-employment plans administered by defined benefit pension plans.

For years beginning after June 15, 1997.

GASB Statement No. 28, Accounting and Financial Reporting for Securities Lending Transactions - Standardizes the way governmental entities report securities lending transactions. Among other requirements, the statement specifies that governments are to report their loaned securities as assets.

For years beginning after December 15, 1995.

GASB Statement No. 30, Risk Financing Omnibus - Amends GASB Statement No. 10, Accounting and Financial Reporting for Risk Financing and Related Insurance Issues and covers public entity risk pools and entities other than pools.

For periods beginning after June 15, 1996.

Interpretation No. 3, Financial Reporting for Reverse Purchase Agreements - Clarifies the reporting requirements for reverse repurchase and fixed coupon reverse purchase agreements.

For periods beginning after December 15, 1995.

Interpretation No. 4, Accounting and Financial Reporting for Capitalization Contributions to Public Entity Risk Pools - Interprets GASB Statement Nos. 10 and 14 and applies to capitalization contributions made to and received by entity risk pools-both with and without transfer or pooling of risk.

For periods beginning after June 15, 1996.