The Governmental Accounting Standards Board (GASB) has released the Guide to Implementation of GASB Statement 68 on Accounting and Financial Reporting for Pensions. The Guide provides 272 questions and answers on how pension sponsoring entities (including single employers, cost-sharing employers, and non-employer contributing entities) should apply the provisions of GASB Statement 68 in a number of different situations. It also provides updated illustrations on:

• Calculation of the Discount Rate,
• Note Disclosures and Required Supplementary Information, and
• Calculations of Net pension liability, Deferred Outflows and Deferred Inflows of Resources Related to Pensions, and Pension Expense

The Statement 68 Implementation Guide may be downloaded through this link.

Statement 68 is effective for employer fiscal years beginning after June 15, 2014. Plan sponsors should review the implementation guide as they make decisions with respect to the new accounting standard. Cheiron consultants can assist plans and plan sponsors with questions concerning GASB statements 67 and 68.

Cheiron is an actuarial consulting firm that provides actuarial and consulting advice. However, we are neither attorneys nor accountants. Therefore, we do not provide legal services or tax advice.