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MFPRSI. Municipal Fire & Police Retirement System of Iowa

GASB 68 FY17

Required GASB 68 Reporting Information for the year ended June 30, 2016

The Governmental Accounting Standards Board issued a directive, Statement 68 (GASB 68), to improve accounting and financial reporting by state and local governments for pensions. The document below provides net pension liability by city, schedules of deferred inflows of resources by city, deferred outflows of resources by city, and the related pension expense by city for MFPRSI.

Supplemental Schedules and Calculator

In addition to the GASB 68 reporting and in order to assist employers MFPRSI developed two supplemental schedules. Schedule I and Schedule II should be read in conjunction with MFPRSI’s June 30, 2016, GASB 68 Auditor’s report and audited financial statements.

These schedules are designed to be used in conjunction with our sample GASB 68 calculator spreadsheet, which can be utilized by selecting the link below:

Sample Footnotes

MFPRSI has provided the State Auditor with sample footnotes. The sample footnotes can be found by selecting the link below:

 

Schedule I provides information to assist with compliance with GASB Statement 68 paragraph 54 which states the following:  

“Change in Proportion

...If there is a change in the employer’s proportion of the collective net pension liability since the prior measurement date, the net effect of that change on the employer’s proportionate shares of the collective net pension liability and collective deferred outflows of resources and deferred inflows of resources related to pensions, determined as of the beginning of the measurement period, should be recognized in the employer’s pension expense, beginning in the current reporting period, using a systematic and rational method over a closed period. For this purpose, the length of the expense recognition period should be equal to the average of the expected remaining service lives of all employees that are provided with pensions through the pension plan (active employees and inactive employees) determined as of the beginning of the measurement period. The amount not recognized in the employer’s pension expense should be reported as a deferred outflow of resources or deferred inflow of resources related to pensions.”

 

The pension expense, deferred inflows, and deferred outflows listed in Schedule I are in addition to the pension expense, deferred inflows, and deferred outflows reported in the GASB 68 Auditor’s report and on Schedule II of this report.

Schedule II is a summary of information provided in MFPRSI’s GASB 68 Auditor’s report for the user’s convenience.

 

Fiscal Year 2016 GASB Information

GASB 68 information for Fiscal Year 2016 can be found here.

 

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