What You Need for GASB 68 Compliance
E-mail for GASB questions: email@example.com
2015 GASB Employer Reporting Package
for Fiscal Year End 2015
Select your GASB Reporting Package based on your fiscal year end, then select your city name from the dropdown menu and click on "Get GASB Package" to download your city's reporting package for that year. Letters are in pdf format.
2015 GASB Resources
- Census Data – found on the TMRS City Portal
- SOC-1 Audit Report – found on the TMRS City Portal
- TMRS’ Comprehensive Annual Financial Report,
for the year ended December 31, 2014 (see archive)
- Qualifications of Actuary
If you are not registered to access the City Portal, see the City Portal Information page.
Other GASB Resources
- GRS Board Presentation on GASB Changes - September 2014
- Summary of Statement No. 82, Pension Issues — an amendment of GASB Statements No. 67, No. 68, and No. 73 (Issued 03/16)
- Summary of Statement No. 68, Accounting and Financial Reporting for Pensions — an amendment of GASB Statement No. 27 (Issued 06/12)
- Summary of Statement No. 67, Financial Reporting for Pension Plans — an amendment of GASB Statement No. 25 (Issued 06/12)
SOC-1 Audit Report and City Census Data If you have questions about the SOC-1 Audit, please send an email to TMRS’ Accounting Division at firstname.lastname@example.org. If you have questions about your city’s census data for GASB reporting, please send an email to TMRS’ Actuarial Division to the attention of AChou@tmrs.com.
Implementation Resources from NASRA (January 2015) - The National Association of State Retirement Administrators (NASRA) has compiled a page with links to GASB informational documents and podcasts; view the list here.
TMRS Presentations (November 2014) - At the TMRS Annual Training Seminar in Austin on November 17 and 18, two presentations about the GASB 68 changes were given, from a Finance and an Actuarial perspective. For more info:
Reminders to Cities
(July 2014) TMRS will be sending quarterly e-mail reminders to cities that are beginning their first Fiscal Year under the GASB Statement No. 68 reporting requirements (in effect for Fiscal Years ending on or after June 30, 2015). We sent the first reminder to cities with Fiscal Years beginning in July, August, or September, and will send similar reminders in the next three calendar quarters.
If you haven’t done so already, you and your city auditor should review and assess the controls in place at your city with regard to TMRS. As noted in a March 2014 letter mailed to your city, “GASB Pension Standards and audit implications, including User Entity Controls,” GASB 68 significantly changes the way cities will have to report their pension liability. TMRS engaged an external auditor to conduct a SOC-1 audit, reviewing our processes beginning January 1, 2014. The letter explained that for your city to be able to rely on the results of the SOC-1 audit (report to be issued in May 2015), you will need to ensure that adequate controls are in place and operating effectively regarding your TMRS data and transmissions of data to TMRS.
The SOC-1 audit report will be provided through the TMRS City Portal. If you are not currently a Portal user, we encourage you to sign up. You and your city auditor need to assess the adequacy of your controls for TMRS data, beginning with your current fiscal year. The first cities to implement GASB 68 are cities with fiscal years ending June 30, 2015; as such, appropriate controls must be in place and operating effectively at your city beginning July 1, 2014. Please share the March 2014 letter (description below) with your city auditor as soon as possible, and ensure that your auditor is familiar with the upcoming GASB pension standards.
Letter to Cities — User Entity Controls
(March 2014) This User Entity Controls letter provides information about a Service Organization Control Report (SOC-1 report) that will be issued by TMRS’ auditor. Upon completion of this audit, TMRS (the “service organization”) will share the report, which the user entities (i.e., TMRS municipalities) will need to review. To make certain that the report is of value to your city and your city’s financial audit, you will need to ensure that certain user entity controls related to TMRS are in place and operating effectively at your city.
GASB Implementation Toolkit
(January 2014) GASB recently issued an Implementation Toolkit for Governments on its website. The toolkit is designed to help preparers, auditors, and users of state and local government financial reports understand and apply the revised pension accounting and financial reporting standards that the GASB approved in June 2012.
TMRS Presentation about GASB Changes
(December 2013) This presentation, “Update on GASB Changes,” was given by TMRS staff at the 2013 Annual Training Seminar, November 20. It summarizes the upcoming changes in pension liability disclosure requirements and their effective implementation dates, describes anticipated information to come from TMRS (rate letter and GASB reporting information), and shows the estimated impact on sample TMRS cities.
Eye on GASB Bulletins
10/9/2013 GRS GASB Examples (pdf)
2/22/2013 The AICPA is conducting an audio webcast Wednesday, February 27, from 1:00 – 3:00 pm (ET) entitled “The New GASB Pension Standards – An Auditor’s Perspective.” The panel will discuss the nature and type of evidence required under the new accounting provisions. Participants can register and receive 2 CPE credits. Visit the AICPA Store section of the AICPA’s website, at www.aicpa.org for more information.
As most cities are aware, GASB has not yet issued formal guidance on the new pension standards; however, their projected timetable for release of implementation guides for the Plans (GASB Stmt. No. 67) is June 2013, with Employer guidance (GASB Stmt. No. 68) following in January 2014.
12/7/2012 Vol 4 - Online Resource Explains GASB Changes (pdf)
7/5/2012 Vol 3 - GASB Approves New Accounting Standards (pdf)
3/13/2012 Vol 2 - GASB Seeks Public Comment on Financial Projections (pdf)
2/23/2012 Vol 1 - What Does my City Need to Know about the Proposed GASB Changes? (pdf)
GASB information from TMRS e-bulletins
7/5/12 E-bulletin (pdf) See item: "GASB Issues New Standards for Pension Accounting"
2/27/12 E-bulletin (pdf) See item: "GASB Invites Comment about Economic Condition Reporting"