Webcast: GASB No. 74 & 75: Best Practices in OPEB Accounting & Auditing (XACL4OPEB18)
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GASB Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans, and GASB Statement Nos. 75 Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions, become effective in 2017 and 2018, respectively. Each new statement represents a monumental change for those that prepare or audit financial statements containing postemployment benefit plans other than pension plans. While duplicating and applying the reporting requirements of GASB Sta

 Export to Your Calendar 5/23/2018
When: 05/23/2018
12:00 PM until 4:00 PM
Where: Webcast
AICPA
1594683:504290A81C22F7025C7039460EC32EBE
Louisiana
United States
Presenter: Melisa Galasso


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Acronym XACL4OPEB18
CPE 4 hours
Vendor AICPA
Category
Gov't/Nonprofit
Level Intermediate
Prerequisite Prior experience with Governmental Accounting and Reporting
Adv Prep None
Yellow Book? Yes
Registration Fees
Members* $159
CPA Non-Members $199

*The member rate applies to LCPA members, other state CPA society members, and non-CPA staff of LCPA members. To register online, use the ‘Register’ button above. To register by phone, call the LCPA Member Service Center at 800.288.5272 or 504.464.1040, Monday through Friday, 8am to 5pm.

Course Description

GASB Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans, and GASB Statement Nos. 75 Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions, become effective in 2017 and 2018, respectively. Each new statement represents a monumental change for those that prepare or audit financial statements containing postemployment benefit plans other than pension plans.

While duplicating and applying the reporting requirements of GASB Statement No. 68, Accounting and Financial Reporting for Pensions to the accounting and reporting for governmental OPEB, substantive differences exist between pensions and OPEB that affect implementation. This course will explain the underlying differences between OPEB and pension valuations and how to successfully implement the OPEB reporting requirements for both the plan and employer.

Objectives

  • When you have completed this course, you should be able to:
  • Identify the new accounting and reporting requirements for public sector OPEB employers and plans.
  • Determine your plan type and trusted status which impact the applicable reporting requirements.
  • Calculate, account for, and report the net or total OPEB liability, OPEB expense, and deferred inflows of resources and deferred outflows of resources related to OPEB.
  • Determine the required employer OPEB note disclosures and RSI.
  • Identify sufficient and appropriate audit evidence to support the OPEB financial statement reporting, disclosures and RSI.
  • Determine various practice issues encountered while preparing or auditing the OPEB numbers and identify possible solutions.

Major Topics

  • GASB Statements No. 74 & 75 accounting and reporting by governmental employers and plans
  • Best practices for reporting and auditing OPEB under the new standards
  • The new OPEB chapter of the AICPA Audit and Accounting Guide, State and Local Governments
  • Possible practice issues and practical solutions
  • OPEB note disclosures and RSI

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