With the implementation of Governmental Accounting Standards Board (GASB) Statement No. 68, Accounting and Financial Reporting for Pensions, the AICPA has received a number of inquiries. This article was prepared by the AICPA State and Local Government Expert Panel (SLGEP) and includes a summary of the more significant issues that have been raised and related discussion for plan auditors and employer auditors to consider. Issues addressed in this article include:
The following sections reflect the related discussions of the SLGEP and are intended to build awareness and assist auditors in recognizing and addressing these issues.