GASB Statement No. 68 changes the playing field for governmental entities. Learn about the landmark pension accounting and financial reporting changes and related new auditing guidance. Practical examples illustrate the new accounting requirements and more extensive note disclosures along with required supplementary information. You'll enhance your understanding of these significant changes by working through case studies which address best practice solutions when auditing state and local governments with agent and cost-sharing plans.
When you complete this course, you will be able to:
- Describe new accounting requirements for single employer, agent multiple-employer, and cost-sharing multiple-employer plans.
- Understand the substantial changes to methods and assumptions used to determine actuarial information.
- Explain how net pension liability (asset), pension expense, and deferred outflows of resources and deferred inflows of resources related to pensions are calculated and derived.
- Understand 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.
- Apply best practice solutions in single employer, agent multiple-employer, and cost-sharing multiple-employer plan audit engagements.
- Audit pension plan disclosures.
- GASB Statement No. 68 accounting by governmental employers
- Best practice solutions for auditing single and multiple-employer plans
- Pension plan disclosures
Who Will Benefit?
Auditors and financing managers responsible for the accounting and reporting of state and local governments, agencies, divisions and teams
Prerequisite: Prior experience with governmental accounting and reporting
Advanced Preparation: None