Government Command Center 16 items
GASB 68 Pension Accounting & Reporting Checklist
Verifies an employer government correctly measures and discloses its net pension liability, pension expense, and deferred inflows/outflows for defined benefit pension plans.
GASB Statement 68GASB Statement 82GAAP
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Plan Classification & Measurement
- Is each pension plan classified as single-employer, agent multiple-employer, or cost-sharing multiple-employer? *
- Is the measurement date of the net pension liability no earlier than the end of the prior fiscal year? *
- Was the total pension liability determined by an actuarial valuation performed at least biennially? *
- Measurement date used for the reported net pension liability: *
Net Pension Liability & Discount Rate
- Is the net pension liability calculated as total pension liability less the plan's fiduciary net position? *
- Is the single discount rate determined using the long-term expected rate of return to the extent assets are projected to be sufficient, and a municipal bond rate thereafter? *
- Is the entry age normal actuarial cost method applied to attribute pension costs? *
- For cost-sharing employers, is the proportionate share basis documented and consistently applied? *
Deferred Inflows, Outflows & Expense
- Are differences between expected and actual experience recognized as deferred inflows/outflows over the average remaining service period? *
- Are differences between projected and actual investment earnings recognized over a closed five-year period? *
- Are employer contributions made after the measurement date reported as a deferred outflow of resources? *
- Is pension expense recognized in accordance with the components prescribed by the standard? *
Disclosures & Required Supplementary Information
- Do the notes describe the plan, benefit terms, contribution requirements, and significant assumptions? *
- Is a sensitivity analysis showing the net pension liability at discount rates one percentage point higher and lower presented? *
- Is a 10-year RSI schedule of changes in net pension liability and related ratios presented? *
- Is a 10-year RSI schedule of employer contributions presented? *
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