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GASB 68: Pension Accounting and Reporting

Gain an understanding of the government pension obligations addressed in GASB 68 and the implications of underfunded pension plans. The topic of governmental pension obligations is one that receives constant attention. Many governmental pension plans are underfunded and the impact of this on governmental employers’ financial statements is an important one to understand. Sometimes the question is asked as to why these plans are underfunded – are the accounting rules to blame? This material will help you understand the basics of how employers account for defined benefit plan obligations. This knowledge will enable you to not only understand the implications of underfunded plans on employers, but also understand the context of why so many of these plans are underfunded.


Runtime: 86 minutes
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Why Lorman?

Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Overview of Employer's Accounting for Pensions

  • Types of Clients
  • Single Employer and Multi-Employer Plans
  • Perceived Deficiencies in Previous Standards

Changes in Actuarial and Other Assumptions

  • Required Actuarial Method
  • Setting a Discount Rate
  • Cost of Living Increases

Employer's Reporting of Financial Statement Amounts

  • Reporting Net Pension Liability and Deferred Inflows/Outflows of Resources
  • Reporting Pension Expense
  • Calculating Contributions
  • Required Disclosures
  • Government-Wide vs. Governmental Fund Financial Statements
  • Obtaining and Supporting Amounts Reported for Multi-Employer Plans

Understanding What the GASB 68 Financial Statement Amounts Mean

  • How to Explain GASB 68 Amounts and Disclosures to Constituents
  • Will GASB 68 Improve the Funding of Pension Plans?
  • How Does GASB 68 Compare to the Private Sector Standards?
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More Program Information

Why Lorman?

Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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OnDemand Webinar

This program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

This program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Warren Ruppel, CPA

Warren Ruppel, CPA

Marks Paneth LLP

  • Partner in the nonprofit and government services group at Marks Paneth LLP, a mid-sized accounting firm based in New York, and practice leader for government services
  • Formerly the assistant comptroller of accounting for the city of New York, with overall responsibility for the city’s accounting and financial reporting, including its implementation of GASB 34
  • Earlier in his career with KPMG and Deloitte & Touche, served numerous government audit clients
  • Written several books, including Wiley’s GAAP for Governments and Government Accounting Made Easy
  • Member of the Accounting and Auditing Committee of the New York State Government Finance Officers Association
  • Member of the AICPA’s Technical Issues Committee’s subgroup for governmental accounting matters
  • Member of the Special Review Committee of the national Government Finance Officers Association
  • Appears quarterly as the government specialist on the CPA Report distributed by SmartPros
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Product ID: 397578
Published 2016
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