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AICPA Governmental and Not-for-Profit Training Program 2014


Pension Accounting Basics: Down to the Wire


Oct 20, 2014 8:30am ‐ Oct 20, 2014 10:10am

Standard: $29.00

Description

Implementation of GASB Statement No. 67, Financial Reporting for PensionPlans, and Statement No. 68, Accounting and Financial Reporting for Pensions,is almost upon us. Take this opportunity to get a solid foundation in the newaccounting for pensions. The new standards dramatically shift how an employer’sobligation for pension benefits and annual pension expense are measuredand recognized in the financial statements. The provisions also will result in asignificant increase in the depth and breadth of pension information providedby employers and pension plans in the notes to the financial statements and asrequired supplementary information. This session will cover in detail the essentialaccounting and financial reporting provisions included in the new standards,focusing on changes from current pension standards. Topics to be addressed in this session will include:

  • Measurement and recognition of net pension liability that represents theobligation for pension benefits
  • Measurement of the total pension liability that requires an understanding of the changes to the determination of the discount rate, the required actuarial method and related assumptions, and plan net position
  • Recognition of annual pension expense and the various categories of deferred outflows and inflows of resources
  • Required note disclosures and required supplementary information for employers
  • Accounting and financial reporting requirements for pension plans

Speaker(s):

  • Joel M. Black, CPA, Partner, Mauldin & Jenkins
  • Lisa R. Parker, CPA, CGMA, Senior Project Manager, Governmental Accounting Standards Board (GASB)

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