Along with members of the Florida Government Finance Officers Association (FGFOA) and Florida Institute of Certified Public Accountants(FICPA), FAC attended a meeting with the Florida Department of Management Services, Division of Retirement(DMS) to discuss the implementation of GASB 68, which becomes effective in 2015. This new standard will require all employers (counties, cities, school boards) who participate in the FRS to record their share of the net pension liability in their financial statements. The meeting was largely an introductory and organizational meeting and the first of several stakeholder meetings to ensure implementation will be a collaborative effort . The group plans to meet with the Auditor General’s office next since they play a critical role in the timeliness of employers’ receipt of necessary financial information. FAC will keep you updated on all implementation timelines and processes as they develop.
On this same note, FICPA will host the State & Local Government Accounting Conference in Orlando, Florida , on August 14-15, 2014, where one of the topics discussed will be GASB 68. You may find more information about the conference here http://www.ficpa.org/Public/Conference/Description.aspx?courseID=14SLGAC.