VILLAGE OF GRAFTON NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2016 NOTE IV - OTHER INFORMATION (cont.) D. EFFECT OF NEW ACCOUNTING STANDARDS ON CURRENT-PERIOD FINANCIAL STATEMENTS The Governmental Accounting Standards Board (GASB) has approved the following:  Statement No. 73, Accounting and Financial Reporting for Pensions and Related Assets That Are Not Within the Scope of GASB Statement 68, and Amendments to Certain Provisions of GASB Statements 67 and 68  Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans  Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions  Statement No. 80, Blending Requirements for Certain Component Units - an Amendment of GASB Statement No. 14  Statement No. 81, Irrevocable Split-Interest Agreements  Statement No. 82, Pension Issues - an Amendment of GASB Statements No. 67, No. 68, and No. 73 When they become effective, application of these standards may restate portions of these financial statements. 87