Update your understanding of GASB new pension standards for accounting and financial reporting. Compare to prior standards for historical context. Use actual class exercises to review financial reporting of Total and Net Pension Liabilities and related note disclosures. The new pension standards are GASB statements Nos. 67, 68, 71, 73, 78, 82 ,85 and 92.
- Establish financial reporting and accounting for state and local government pension plans.
- Recognize and discuss class exercises for a city's Comprehensive Annual Financial Report (CAFR) and Notes to the financial statements with an emphasis on pensions.
- Identify actuarial valuation for Total Pension Plan Liability.
- Recognize some specific auditing issues for pensions, such as census data auditing.
- Summarize key points from GASB statements:
- No. 67, Financial Reporting for Pension Plans.
- No. 68, Accounting and Financial Reporting for Pension Plans
- No. 71, Pension Transition for Contributions Made Subsequent to the Measurement Date
- Nos. 73, 78, 82 and 92
- Accounting and financial reporting for (Aggregate) Net Pension Liabilities
- Effect of the Measurement Date
- Eight new pension standards by Governmental Accounting Standards Board (GASB)
- Generally Accepted Accounting Principles (GAAP)for government
- Defined Benefit and Defined Contribution Pension Plans
- Impact on Deferred Outflows of Resources and Deferred Inflows of Resources
- Update key materials for CalPERS results for 2020