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Will You Need to Comply with the New GASB Statement No. 68?

 

March 9, 2015

Recently the Governmental Accounting Standards Board fundamentally changed the standards they apply to public employers that offer pension benefits. Perhaps you’ve heard about the upcoming changes in pension reporting but you’re not sure how it will affect you as an IPERS-covered employer. Read on! IPERS is working with the Iowa State Auditor to provide education and tools to help you understand how to comply with the new standard. 
   GASB Statement No. 68 requires separating pension accounting from pension funding. All employers participating in the Iowa Public Employees’ Retirement System who use generally accepted accounting principles (GAAP) will need to comply with GASB Statement No. 68 beginning with the fiscal year ended after June 15, 2014 (that is for years ended June 30, 2015 or later).
   To learn more, visit the IPERS website. You’ll find recorded webinars, FAQs, links to the GASB Statement No. 68 Implementation Guide, glossary and an implementation toolkit, among other helpful resources. IPERS is happy to help. Email your questions to IPERS.