In this era of increased transparency, GASB standard 68 will make momentous revisions to the current accounting and reporting for pensions from an employer perspective.
Net pension liabilities will be reported on the statement of net assets/position, providing users of these financial reports with a clearer picture of the size and nature of the financial obligations to current and former employees. The intent is that implementation of the standards will result in a more accurate representation of the full impact of pension obligations and improve the comparability and consistency in how institutions calculate and record this liability. Many institutions will incur additional time and cost to comply with these new standards, and you will need to plan accordingly to ensure you are ready for the transition.
At the conclusion of this session, participants will be able to:
- Understand the impact that this standard will have on their institution’s financial statements
- Identify steps to take to prepare for the implementation of the standard
- Effectively discuss the potential implications with Board members and other users of financial statements
Robb Rose, CPA, Partner
Robb is the leader of the firm’s Ohio higher education practice and serves on the firm’s Higher Education Industry leadership team. He has been serving the higher education industry for 20 years providing a wide variety of services to both public and private institutions.
Katie Thornton, CPA, Senior Associate
Katie is the leader of the firm’s higher education professional standards team and is responsible for the industry’s technical quality control and training of our higher education industry staff. Katie has presented on GASB’s new pension standards to clients and higher education industry associations in the last year.