GASB 67/68 Update
April 09, 2014 12:30 PM - 1:45 PM
Public pension plans and their sponsoring employers are gearing up for implementing GASB’s recent overhaul of applicable accounting standards. Statement No. 67, Financial Reporting for Pension Plans, addresses financial reporting for state and local government pension plans. This statement replaces Statement No. 25 and first takes effect for the plan’s fiscal year starting after June 15, 2013. For a June 30 year that means July 1, 2013 to June 30, 2014, while for calendar year plans that means calendar 2014.
Statement No. 68, Accounting and Financial Reporting for Pensions establishes new accounting and financial reporting requirements for governments that sponsor state or local pension plans. This statement replaces Statement No. 27 and first takes effect for the sponsor’s fiscal year starting after June 15, 2014 (for example, fiscal year July 1, 2014 to June 30, 2015 for a June 30 fiscal year).
Even with the guidance provided by the GASB’s implementation guides, many practical aspects emerge only when auditors and actuaries first develop hands-on experience with these new rules. Cost sharing plans and employers present particular challenges, as does the need for employer auditors to rely on information developed by the plans.
Presenters review the progress, implementation issues and challenges that governments and pension plans are making and still facing in complying with these two new statements. Hear progress reports on both plan and employer reporting from a panel of experienced public sector actuaries.
Session Category: Public Plans
Credits: EA Non-Core: 1.50 CPD: 1.50