GASB Statement No. 68, Accounting and Financial Reporting for Pensions, represented a monumental change for those that prepare financial statements for and audit governmental pensions. GASB Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans, apply many of those changes to governmental other postemployment benefits. This course provides in-depth examples and exercises which allow participants practical application of the concepts presented.
Identify the new employer accounting requirements for public sector other post-employment benefit plans. Analyze the employer accounting requirements for public sector defined benefit and defined contribution plans. Interpret the substantial changes to actuarial methods and assumptions used to determine the accounting numbers. Calculate net pension liability (asset), net OPEB liability (asset), pension expense, OPEB expenses, and deferred inflows and outflows of resources related to pensions and OPEB and identify how they are displayed in the financial statements. Distinguish the various roles of the key players in the context of employer management, plan administrators and external parties. Apply the best practice solutions in single employer, agent multiple employer and cost-sharing multiple-employer plan audit engagements. Prepare and audit the required employer pension and OPEB note disclosures and RSI. Identify various practice issues encountered while preparing or auditing the pension and OPEB numbers and identify possible solutions.
Accounting and reporting by governmental employers in accordance with GASB Statement Nos. 68 and 74 Best practices for auditing single and multiple employer plans Possible practice issues and practical solutions Pension and OPEB note disclosures and RSI