KDE Finance Officer Workshop 2015. GASB 68 New reporting requirement that will affect this year’s audit. It is highlighted in the audit contract. Purpose.

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Presentation transcript:

KDE Finance Officer Workshop 2015

GASB 68 New reporting requirement that will affect this year’s audit. It is highlighted in the audit contract. Purpose is improve the accounting and financial reporting by state and local governments for pensions. It revises the accounting requirements previously mandated under GASB statement 27. Effective for employer fiscal years beginning after June 15, 2014.

Establishes standards for measuring and recognizing liabilities, deferred outflows of resources, and deferred inflows of resources, and expense/expenditures. For defined benefit pensions, this Statement identifies the methods and assumptions that should be used to project benefit payments, discount projected benefit payments to their actuarial present value, and attribute that present value to periods of employee service. GASB 68 (cont.)

Note disclosure and required supplementary information requirements about pensions also are addressed. Employers are classified in one of the following categories for purposes of this Statement: – Single employer – Agent employer – Cost-sharing employer

GASB 68 (Cont.) Sometime this month, KTRS and KRS will be releasing the numbers for districts to be using in this year’s audit report. The classification of KY school districts is still being discussed and KDE will provide guidance on that at a later date once that is known.

GASB 71 The objective of this Statement is to address an issue regarding application of the transition provisions of Statement No. 68, Accounting and Financial Reporting for Pensions. The issue relates to amounts associated with contributions, if any, made after the measurement date.

GASB 71 (cont.) If it is not practical to determine the amounts of all deferred outflows of resources and deferred inflows of resources related to pensions, contributions made after the measurement date, then…

GASB 71 (cont.) This Statement amends paragraph 137 of Statement 68 to require that, at transition, a government recognize a beginning deferred outflow of resources for its pension contributions, if any, made subsequent to the measurement date of the beginning net pension liability.

Complete Text of GASB