GASB Issues Pension Standard Implementation Guidance
February 20, 2014
The Governmental Accounting Standards Board (GASB) has published an implementation guide for preparers who are subject to the requirements of GASB Statement 68 (Accounting and Financial Reporting for Pensions—and Amendment of GASB Statement No. 27).
Statement 68 is effective in FY15 for the vast majority of public institutions. Many public colleges and universities should find the new guide most helpful in the areas of cost-sharing employers and special funding situations; discussions at NACUBO professional development events and informal surveys indicate these circumstances exist for a majority of NACUBO member public institutions.
Titled Guide to Implementation of GASB Statement 68 on Accounting and Financial Reporting for Pensions, the new publication covers the following topics:
- Scope and applicability of GASB Statement 68.
- Identifying special funding situations.
- Special funding situation considerations.
- Measuring defined benefit pension liabilities of employers.
- Measuring defined benefit pension liabilities of nonemployer contributing entities.
- Pension expense and deferred inflows and outflows of resources related to pensions.
- Note disclosures and required supplementary information.
- Unique issues related to cost-sharing employers and certain nonemployer contributing entities.
- Transition to the new standards.
Appendices, which supplement questions and answers in the guide, include a glossary of terms and non-authoritative illustrative material based on presentations in Statement 68, as well as additional illustrations developed specifically for the guide. Beginning in mid-February, a print edition of the guide will be available for purchase for $46.50 (plus shipping) by visiting the GASB store or calling the GASB Order Department at (800) 748-0659.
The Board considers the new guide as being in category (d) in the hierarchy of generally accepted accounting principles. Category (d) includes practices that are widely recognized and prevalent among governmental entities. Beyond certain GASB publications, other examples of Category (d) guidance are NACUBO Advisory Reports and NACUBO's Financial Accounting and Reporting Manual.
Director, Accounting Policy
- Tuition Increases Slow, While Student Loan Borrowing Declines, College Board Reports
- IRS Response to NACUBO on 1098-T Penalties Offers No Relief
- IRS Publishes Final Rules on Overpayments of Arbitrage Rebate on Tax-Exempt Bonds
- 2015 Intermediate Accounting and Reporting - Winter
January 22-23, 2015
- 2015 Endowment and Debt Management Forum
February 4-6, 2015
- 2015 Unrelated Business Income Tax
February 25-27, 2015
- ON-DEMAND: How to Build, Develop, and Support a Compliance Program at Your Institution
- ON-DEMAND: Strategic Tuition Assessment and Tuition Restructuring
- ON-DEMAND: Are Shared Services Right for Your Organization – The KU Journey
- ON-DEMAND: VIRTUAL: 2014 Annual Meeting
- ON-DEMAND: VIRTUAL: Student Financial Services Conference
- ON-DEMAND: VIRTUAL: Higher Education Accounting Forum
- A Guide to College and University Budgeting: Foundations for Institutional Effectiveness, 4th ed. - by Larry Goldstein
- NACUBO's Guide to Unitizing Investment Pools - by Mary S. Wheeler
- Managing and Collecting Student Accounts and Loans - by David R. Glezerman and Dennis DeSantis