The Governmental Accounting Standards Board (GASB) is an independent, non-profit, non-governmental regulatory body that establishes accounting and financial reporting standards for U.S. state and local governments.
GASB requires, for purposes of governmental financial reporting, that a proportionate share of the total net pension liability of the IPERS trust fund be shown on the financial statements of each employer required to comply with GASB 68. Employers also must show a proportionate share of the total pension expense, collective deferred inflows of resources and deferred outflows of resources of the IPERS trust fund on the face of each employer’s financial statements.
These standards require employers to include additional footnote disclosures about the pension trust fund in their financial statements.
IPERS releases important information throughout the year for employers to reference. The chart below shows the approximate release dates
|Contributions by Employer and Group (Unaudited)||August|
|GASB 67 Report||November|
|IPERS' Annual Financial Report||December|
|GASB 68 Report||November – March|
|Schedules of Pension Amounts by Employer||February – April|
|GASB 68 Audit Report||February – April|
IPERS and the Iowa Auditor of State provide numerous resources to help employers comply with the GASB standards.
Iowa Auditor of State
The Iowa Auditor of State provides sample note disclosures, templates for calculating your journal entries and the audit report, which includes everything from notes to schedules.
Net Pension Liability and Proportion Workbook
Use this workbook to calculate your organization’s net pension liability/asset and proportion. The numbers you derive from this workbook are what you should report in your financial reports, per GASB.
Schedules of Pension Amounts by Employer
The following schedules provide the data you need to complete the workbook calculations. The schedules, which have been audited by the Auditor of State, are sorted by 5-digit IPERS employer ID number and provided in Microsoft Excel. The Sample GASB 68 Calculators provided by the Auditor of State’s Office may be used to complete your calculations and journal entries.
NOTE: The proportions in these six spreadsheets are not the proportions to report in your financial reports. Use the workbook above to calculate the proportion to report.
Contributions by Employer and Group (Unaudited)
The FY2021 Contributions by Employer and Group (unaudited) will help you with calculating deferred outflows. These contribution amounts are not audited and are only to be used as a reasonability check. You will need to reconcile them to your own records.