This post concludes our look at the Government Accounting Standards Board (GASB) and how it has impact the reporting of LOSAP on governmental financial statements.
First, we outlined just what the GASB is, and how the Office of the State Comptroller plays a roll in this, and just how the finances of LOSAP work in New York. You can read that post HERE.
Next, we looked at GASB Statement 73. That post can be read HERE.
Then, we provided an overview of the newest Statement - GASB 84. For more on that, click HERE.
In summary, GASB Statement No. 73 is about reporting the liabilities associated with the LOSAP on the financial statement, and GASB No. 84 is about reporting the assets of the LOSAP.
For our clients, we do not have a formal role in the financial statement reporting. For those clients that report under GAAP, we may be asked to calculate the actuarial liabilities as prescribed in GASB 73. We present those liabilities in the form of suggested footnote disclosures, but ultimately the treasurer, comptroller, or accountant decide how to properly present the information on the financial statement. For those municipalities not reporting under GAAP, our Annual Report provides the information needed to complete the note to the financials, and some clients ask us to draft that note for them. But again, ultimately the person responsible for the financial statement will have the final decision on how the information is reported.
That all said, our commitment to collaboration means we strive to understand and support our clients in all aspects of sponsoring and administering a LOSAP. This is just one area where we can provide support, and ultimately the final decision is made by someone else.
If you have questions, your accountant or auditor would be the first place to start.
The next best options would be to:
We hope this overview was helpful. If you would like a copy of our newsletter/bulletin on this topic, please contact us!
Today we will take a closer look at GASB Statement 84. For the first two parts of this look at GASB & LOSAP, click here.
Here is what you need to know about GASB Statement 84:
There are currently two GASB pronouncements that have a significant bearing on the reporting of LOSAP on the municipal sponsors financial statements. In this second part of our look at GASB and LOSAP, we'll highlight GASB Statement 73.
Notes about GASB Statement 73:
Next we will highlight GASB Statement 84.