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Live Webinar

90-minute live streaming program
  • January 29
  • 1:00 - 2:30 pm EST

GASB 73, 74, and 75 Statement Overview

January 29

Are you prepared for the new GASB statement requirements that may result in larger liabilities?

States and local governments face increasing challenges with accounting and financial reporting for pensions and other postemployment non-pension benefits (OPEB). Having settled in with GASB statements 67 and 68 for pensions and GASB statements 43 and 45 for OPEB, GASB changed and complicated the accounting and financial reporting rules over the past three years with GASB statements 73, 74 and 75. The new GASB statements require actuarial calculations, assumptions projections and new disclosures that result in larger liabilities than previously calculated under superseded GASB statements and, including these larger liabilities in balance sheet and income statements, no longer hidden in the notes of financial statements. Are investors better protected under the information required by GASB statements 73, 74 and 75? How will budgets need to be revised to comply with the new GASB statements? Will state/local government failure to comply give rise to failure to disclose material information, the risk of securities fraud liability through SEC investigation, or difficulty or additional expense in accessing capital market for public infrastructure? Asking these questions shed light on likely answers.

Learning Objectives

  • You will be able to define the pensions and OPEB and the role of GASB statements.
  • You will be able to describe how pension and OPEB liabilities are calculated under GASB statement rules.
  • You will be able to discuss with colleagues and clients the need for compliance with GASB statement rules.
  • You will be able to explain the changes imposed by GASB Statements 73, 74 and 75.

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Why Lorman?

Over 32 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

GASB, Pensions and OPEB
  • What Is GASB and Why Are Its Statements Important to State/Local Government Finance
  • What Are Public Sector Pensions How GASB Statement 73 Supersedes Statements 67 and 68
  • What Is OPEB - How GASB Statements 74 and 75 Supersede Statements 43 and 45
From Notes on Financial Statements to the Balance Sheet and Income Statement
  • GASB 67 and 68 Apply to Public Sector Pensions Administered by Trusts or With Assets
  • GASB 73 Applies to Public Sector Pensions Not Covered by Assets or Trust Administered
  • GASB 43 and 45 Apply to OPEB in Terms of Unfunded Liability and Required Annual Contribution
  • GASB 74 and 75 Treat OPEB as a Net Liability a Bigger Number Than Unfunded Liability
  • GASB 73 - Pension Liabilities/Expenses on Balance Sheets and Income Statements Since 2014
  • GASB 74/75 OPEB - Liabilities/Expenses on Balance Sheets and Income Statements Since 2017
GASB's Objectives in Statements 73,74 and 75
  • Transparency Don't Hide the Lack of Assets Behind Pensions and OPEB Liabilities
  • Disclosure Include Pensions and OPEB Labilities in Financial Statement Net Positions
  • Assumptions Required to Be Calculated and Disclosed in Measuring Liabilities
  • Explanations Required Methodology for Determining Liability Changes and Projections
  • Ratios Disclose Asset Resources Available for Pensions and OPEB Liabilities
  • Transactions Disclose Benefits and Contributions
  • Discount Rate Determine If Net Position Sufficient to Make Projected Benefit Payments
  • Single Method to Determine Actuarial Present Value and Immediate Expense Recognition
Compliance and Risks of Noncompliance
  • No Safe-Harbor for Small Local Governments
  • Liabilities in Balance Sheets and Income Statements Threaten Credit Ratings
  • Mistakes in Calculations May Be Material Misstatements or Omissions 10(b)(5)
  • Material Mistakes Made Through Severe Recklessness Invite Securities Fraud
  • Weighting the GASB Burden Against Protecting Investors
  • Financing Liabilities a Prudent Future Option?
  • Budget Preparation and Projections Should Take Into Account GASB 73, 74 and 75
  • Responses From GFOA and State/Local Government Trade Associations
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Why Lorman?

Over 32 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.

Credits

Live Webinar Registration

  • AL CLE 1.5
     
  • This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.5 hours credit.
     
  • AR CLE 1.5
     
  • This course has been approved for 1.5 hours of CLE by the Arkansas CLE Board.
     
  • Arizona CLE 1.5
     
  • The State Bar of Arizona does not approve or accredit CLE activities for the Mandatory Continuing Legal Education requirement. This activity may qualify for up to 1.5 hours toward your annual CLE requirement for the State Bar of Arizona.
     
  • CA MCLE 1.5
     
  • Lorman Business Center, Inc. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
     
  • CT CLE 1.5
     
  • Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.5 CLE credit(s).
     
  • GA CLE 1.5
     
  • This program has been approved by the Georgia Commission on Continuing Lawyer Competency for 1.5 CLE hours.
     
  • HI CLE 1.5
     
  • This program was approved by the Hawaii State Board of Continuing Legal Education for 1.5 CLE credit hours.
     
  • IL CLE 1.5
     
  • This course was approved for a total of 1.5 hours of MCLE Credit by the Illinois MCLE Board.
     
  • ME CLE 1.5
     
  • This course has been approved by the State of Maine Board of Overseers of the Bar. Lawyers who complete this course shall receive 1.5 hours of CLE credit under M. Bar R. 12.
     
  • MS CLE 1.5
     
  • This program has been approved by the Mississippi Commission on Continuing Legal Education for a maximum of 1.5 credit hours.
     
  • MT CLE 1.5
     
  • This program has been approved by the Montana Commission of Continuing Legal Education for a total of 1.5 CLE credits.
     
  • NH MCLE 1.5
     
  • NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 90 Minutes.
     
  • NJ CLE 1.8
     
  • This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 1.8 hours of total CLE credit.
     
  • NV CLE 1.5
     
  • This program has been approved by the Nevada Board of Continuing Legal Education for 1.5 CLE hours.
     
  • PA CLE 1.5
     
  • This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.5 hours of substantive law, practice and procedure CLE credit.
     
  • RI CLE 1.5
     
  • This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.5 hours of CLE credit.
     
  • TN CLE 1.5
     
  • This program has been approved by theTennessee Commission on Continuing Legal Education for a maximum of 1.5 hours of credit.
     
  • VT CLE 1.5
     
  • This program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.5 hours of CLE credit.
     
  • WA CLE 1.5
     
  • This program has been approved by the Washington State Board of Continuing Legal Education for 1.5 hours of Law & Legal Procedure credit.
     
  • WI CLE 1.5
     
  • This program has been approved by the Board of Bar Examiners for 1.5 hours for use toward the Wisconsin Mandatory CLE requirement.
     
  • WV MCLE 1.8
     
  • This program has been approved by the West Virginia State Bar MCLE Commission for 1.8 MCLE hours.
     
  • CPE 1.8 including Accounting 1.8
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 1.8 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Accounting for 1.8 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board. Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
     
  • Lorman Business Center, Inc. is a registered provider for CPA CPE through the State Education Department of New York, Sponsor number: 000640. The following course will carry the subject area of Accounting for 1.5 hours.
     

Who should attend?

This live webinar is designed for accountants, administrators, benefits professionals, compensation managers, auditors, consultants, city managers, mayors, treasurers, budget managers and attorneys.

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Why Lorman?

Over 32 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

Kenneth W. Bond

Kenneth W. Bond

Squire Patton Boggs LLP

  • Senior partner of Squire Patton Boggs LLP
  • One of the top 20 international law firms and one of the top 10 public finance law firms in the U.S.
  • Recognized expert in tax-supported and appropriation-backed infrastructure financing for states and local governments
  • Adjunct professor at Albany Law School
  • Published numerous articles on finance topics
  • LL.M. degree, The Johns Hopkins University; J.D. degree, University of California (Hastings) School of Law
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Why Lorman?

Over 32 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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Product ID: 405046
Published 2019
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