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GASB 68 Employer Implementation Guide

Overview 

To establish the groundwork for the implementation of GASB 68 by TRSL employers, the System was required to implement GASB 67, Financial Reporting for Pension Plans for the fiscal year ended June 30, 2014.

GASB 67 required full disclosure of Net Pension Liability (NPL) and other pension-related data in notes to the financial statements and required supplementary information (RSI). TRSL full implementation of GASB 67 is included in the Financial Section of our 2015 Comprehensive Annual Financial Report (CAFR). 

TRSL staff, actuary, and auditors have worked closely to develop the information needed by our participating employers for the implementation of GASB 68 for fiscal years beginning June 15, 2014 and later.

The majority of TRSL employers must include the requirements of GASB 68 in their audited financial statements for the fiscal years ending June 30, 2015, and later. GASB 68 requirements are not applicable to TRSL employers whose financial statements are unaudited, or who issue compiled/reviewed financial statements.


IMPORTANT NOTE FOR ISIS AGENCIES REPORTED IN THE STATE'S CAFR: Louisiana Office of Statewide Reporting and Accounting Policy (OSRAP) memo - regarding GASB 68 Net Pension Liability and related amounts

For the first time, employers will recognize their proportionate share of the collective NPL and pension-related deferred outflows/inflows of resources on their balance sheets, and the proportionate share of total pension expense on their income statements.


GASB 68 Employer Resources

TRSL has several resources available to employers to provide additional information on GASB 68 and guidance on its implementation.

2016 (For employers with FY July 1, 2015 - June 30, 2016)
  • GASB 68 SCHEDULES BY EMPLOYER (Exhibits 1, 1a, 2, 3)
    Our auditors have verified the information in the GASB 68 employer schedules and issued an unqualified opinion in their audit report, 2016 Employer Pension Audit Report. Employers should utilize these schedules for the completion of their notes to the financial statements and RSI. The schedules provided include:
    • Schedule of Collective Employer Pension Amounts
    • Average Remaining Service Life Calculation
    • Schedules of Employer Pension Amounts as of June 30, 2015
    • Schedules of Employer Pension Amounts as of June 30, 2014
  • GASB 68 EMPLOYER NOTES TEMPLATEprovides references to the employer-specific data in GASB 68 Schedules by Employer.
  • GASB 68 EMPLOYER RSI TEMPLATEprovides references to the employer-specific data in GASB 68 Schedules by Employer.
  • Under Construction - GASB 68 Employer Journal Entries: provides information on recording GASB 68 journal entries with references to GASB 68 Schedules by Employer.
  • Under Construction - GASB 68 EMPLOYER CALCULATION WORKSHEETS (Exhibits 4 & 4a): provides the calculations for employer changes in proportionate share and related amortization and pension expense with references to GASB 68 Schedules by Employer.

2015 (For employers with FY July 1, 2014 - June 30, 2015)
  • GASB 68 SCHEDULES BY EMPLOYER (Exhibits 1, 1a, 2, 3)
    Our auditors have verified the information in the GASB 68 employer schedules and issued an unqualified opinion in their audit report, 2015 Employer Pension Audit Report. Employers should utilize these schedules for the completion of their notes to the financial statements and RSI. The schedules provided include:
    • Schedule of Collective Employer Pension Amounts
    • Average Remaining Service Life Calculation
    • Schedules of Employer Pension Amounts as of June 30, 2014
    • Schedules of Employer Pension Amounts as of June 30, 2013
  • GASB 68 EMPLOYER NOTES TEMPLATEprovides references to the employer-specific data in GASB 68 Schedules by Employer.
  • GASB 68 EMPLOYER RSI TEMPLATEprovides references to the employer-specific data in GASB 68 Schedules by Employer.
  • GASB 68 Employer Journal Entries: provides information on recording GASB 68 journal entries with references to GASB 68 Schedules by Employer.
  • GASB 68 EMPLOYER CALCULATION WORKSHEETS (Exhibits 4 & 4a): provides the calculations for employer changes in proportionate share and related amortization and pension expense with references to GASB 68 Schedules by Employer.

Additional Resources

  • Financial Reports - provides links to Comprehensive Annual Financial Reports and TRSL Actuarial Valuation Reports.


Need more information
 
 GASB overview
 GASB 67 information
 GASB 68 information
 Contact TRSL about GASB
 Official GASB website