GASB Statement No. 68 changed the playing field for governmental organizations. Learn about the landmark pension accounting changes and how they change the accounting and financial reporting of pension benefits. Explore all the GASB statements that make up the governmental pension reporting framework, including GASB Statement Nos. 67, 68, 71, 73, 78 and 82. Practical examples illustrate the new accounting requirements and more extensive note disclosures along with required supplementary information.
- Recall accounting requirements for single employer, agent multiple employer and cost-sharing multiple-employer plans.
- Identify the substantial changes to methods and assumptions used to determine actuarial information.
- Recall how net pension liability (asset), pension expense, and deferred outflows of resources and deferred inflows of resources related to pensions are calculated and derived.
- Recognize the role of management specialists, auditor specialists, and service organizations, and the related audit implications.
- Distinguish the responsibilities of plan management, the plan's auditor, employer management, and the employer's auditor in the context of audits of government employers.
- Audit pension plan disclosures.
- GASB Statement No. 68 accounting by state and local governmental employers
- An overview of GASB Statement No. 67 accounting by a pension employee retirement systems (PERS)
- A discussion of subsequent amendments to GASB Statement No. 68
- Pension plan disclosures
- Governmental employer pension disclosures
Designed For: Auditors & financial managers responsible for the accounting & reporting of state & local government
Prerequisite: Prior experience with governmental accounting and reporting
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