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Technical

Governmental Pensions: Prepare for a Changing Landscape Logo aicpa

  Melisa F. Galasso, CPA |   Free |   AICPA |   25 Oct 2018 |   Auditing (Governmental) |   AICPA Store
Who Will Benefit?
  • Auditors & financial managers responsible for the accounting & reporting of state & local government
Key Topics
  • GASB Statement No. 68 accounting by governmental employers
  • An overview of GASB Statement No. 67 accounting by pension employee retirement systems (PERS)
  • A discussion of subsequent amendments to GASB Statement No. 68
  • Pension plan disclosures
  • Governmental employer pension disclosures
Learning Objectives
  • 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 changed the playing field for government 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.

Important Information on Your CPE Credit

Topics covered:
  • Governmental auditing: Technical: Government financial statement audit: GASB accounting requirements, Intermediate
  • Governmental auditing: Technical: Government financial statement audit: Pensions and OPEB, Intermediate

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