The Governmental Accounting Standards Board (GASB) pension standards for plans are effective for the first time for June 30, 2014, year-ends. The first effective date for governmental employers is June 30, 2015, year-ends. If you have not heard it by now, we cannot stress enough that there are going to be numerous implementation issues, specifically pertaining to multiple-employer plans. If not prepared, some of these issues could lead to modified audit opinions. This Governmental Audit Quality Center (GAQC) two-part Web-event series tiled, Two-Part Series: New GASB Pension Standards Considerations for Plans, Employers, and their Auditors, is intended to provide key information to financial statement preparers (both plans and employers), as well as their auditors, on the nuances of issues related to cost-sharing multiple-employer and agent multiple-employer plans.
Click here to access The GASB’s Pension Standards Part II: Considerations for Agent Plans and Participating Employers – Member Web Event
About the Event
This Governmental Audit Quality Center (GAQC) Web event, Part I of a two-part series, is intended to provide key information to financial statement preparers (both plans and employers), as well as their auditors, on the nuances of issues related to cost-sharing multiple employer plans. Participants in this Part of the GAQC Pensions series will learn about:
- Accounting standards relating to cost-sharing plans, both for the plan and employer;
- Best practices for plans to ensure that employers are provided sufficient, appropriate evidence to support their financial statement amounts and disclosures;
- Issues surrounding implementation and audit concerns, including the potential for modified opinions; and
- The guidance the AICPA has developed or is working on in this area.
About the Presenters
Jeff Markert, CPA
Jeff is a Partner with KPMG LLP with more than 22 years of experience serving state and local governments. Jeff recently transferred to KPMG's Department of Professional Practice in New York City. In this role, he devotes significant time to emerging issues related to governments, including working with GASB in the development and implementation of new standards and providing technical assistance and training to KPMB personnel throughout the United States. Prior to joining KPMG's Department of Professional Practice, Jeff spent 19 years in KPMG's Chicago office and was the practice leader for KPMG's Midwest public sector audit group. In this role, Jeff was responsible for government audit services and also served as the engagement partner for many of their larger and more complex state and local government entities. Jeff also currently serves as the Chair of the AICPA State and Local Government Expert Panel.
Jim Lanzarotta, CPA
Jim is a Partner and the leader for Moss Adams' governmental services group, and his area of practice includes government and GASB-reporting not-for-profit organizations including, cities, counties, port and transportation authorities, university and college foundations, public retirement systems, sewer and water districts, and numerous other organizations. He is a 1984 graduate of the University of Oregon where he obtained a Bachelor of Business Administration degree, obtained his CPA license in 1986, and became an Oregon Municipal Auditor in 1993. Jim supplemented his governmental training by obtaining the AICPA Certificate of Achievement in Governmental Accounting and Auditing. He has been providing audit, compliance, and consulting services to Moss Adams' governmental clients his entire career. Jim was previously the Chair of the AICPA State and Local Government Expert Panel.
Archived Web Event Listening Instructions
You should print out and have available the, The GASB’s Pension Standards Part I: Considerations for Cost-Sharing Plans, Participating Employers – Member Web Event slides (PDF or PowerPoint).
Thank you for your interest in this GAQC Event.
Click on the below link, to listen to the archived Web event: