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GASB 68, accounting and financial reporting for pensions

Get to know GASB 68

More than ever before, there is a spotlight on pension reporting for state and local governments, and GASB 68 will make pension issues more transparent. As the implementation date is fast approaching, this webinar will provide an overview of several of the key changes. The primary objective of GASB 68 is to improve accounting and financial reporting by state and local governments for pensions. It also improves information provided by state and local governmental employers about financial support for pensions that is provided by other entities. GASB 68 replaces the requirements of Statement No. 27, Accounting for Pensions by State and Local Governmental Employers, as well as the requirements of Statement No. 50, Pension Disclosures.

What you'll learn

  • Gain an understanding of the new calculation for the “net pension liability,” the new “blended discount rate” and the “crossover point”
  • Learn about “special funding situations”
  • Give an overview of changes to actuarial methods, measurement frequency and valuation requirements
  • Understand expanded footnote disclosures
  • Prepare for implementation with some first steps to consider to help you better manage the transition

Who should watch

  • State and local government finance professionals
  • State and local government financial reporting accountants
  • State and local government internal and external auditors
  • State and local government elected officials

Additional information

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Government services

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GASB Statement 45 vs 75

This infographic covers four of the major changes the Governmental Accounting Standards Board has made from statement 45 to 75.

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Connect with Mike

Mike Lowry, CGFM
Senior Vice President,
Assurance Services

Mike Lowry joined CPA and advisory firm Allen, Gibbs & Houlik, L.C. (AGH) in 2004 and specializes in governmental and not-for-profit clients. Prior to joining AGH, Mike’s experience includes nearly 20 years’ financial and technology leadership positions in hospitality management companies.

Mike is a CPA with a bachelor of business administration degree in accounting from Wichita State University and a master’s degree in management information systems from Friends University. He has earned the designation of Certified Government Financial Manager from the Association of Government Accountants, and is also a member of the American Institute of CPAs, the Kansas Society of Certified Public Accountants, and the Association of Government Accountants.