NACUBO

My NacuboWhy Join: Benefits of Membership

E-mail:   Password:   

 Remember Me? | Forgot password? | Need an online account?

Business and Policy Areas
Business and Policy Areas
Loading

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. 

Contact

Sue Menditto
Director, Accounting Policy
202.861.2542
E-mail