From an employer and a plan perspective, GASB standards 67 and 68 will make significant revisions to the current accounting and reporting requirements for pensions. Governments will need to change how they calculate and report the costs and obligations associated with pensions in important ways.
The new standards are designed to improve the usefulness of reported pension information and to increase the transparency, consistency, and comparability of pension information across governments.
This is the second in a series.
To prepare for this session you will need to view our archived webinar 20/20 vision: A clear view of government pension obligations
That webinar provides a basic understanding of the standards.
In this webinar, our experts will take a closer look at timing and reporting requirements as well as address the issues regarding coordination among the plan, the employer, the actuary, and the auditor. They will also walk participants through an example of how these new standards will impact an employer’s financial statements.
At the conclusion of this webinar, participants will be able to:
- Understand the impact that GASB 67 and 68 will have on their organization’s financial statements
- Identify ways to prepare for the implementation of the standards
- Effectively discuss the potential implications with board members and other users of financial statements
Plante Moran’s professional standards experts for K-12, government, and education, Eric Formberg, Michelle Watterworth, and Katie Thornton