GASB 75 entries. Handout

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Chastity McLaughlin
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1 GASB 75 entries Handout

2 Statement No. 75 School Districts TRS-CARE Example: The following slides show snip-its from the various schedules on the TRS website ( that are needed to record a district s net OPEB liability, related deferred inflows/outflows of resources and OPEB expense. The Illustrative Example on Slide 11 is shown at a high-level overview. Note that amounts debited or credited to OPEB expense will need to be allocated to the various functions. 2

3 GASB Allocation Schedules: Proportionate Shares tab Participating Employer (1) FY 2017 Contributions per TRAQS (as adjusted) (2) Proportionate Share (3) ANYWHERE ISD 4,234,

4 GASB Allocation Schedules: OPEB Amounts tab 4

5 GASB Allocation Schedules: OPEB Amounts tab 5

6 GASB Allocation Schedules: OPEB Amounts tab 6

7 GASB Allocation Schedules: OPEB Amounts tab 7

8 GASB Allocation Schedules: OPEB Amounts tab Participating Employer (1) 1% Decrease in Discount Rate 2.42% 1% Increase in Discount Rate 4.42% 1% Decrease in Health Care Trend 1% Increase in Health Care Trend ANYWHERE ISD 418,011, ,860, ,883, ,966,021 8

9 GASB Allocation Schedules: Schedule of Amortization 9

10 GASB On-Behalf Contributions: 10

11 Statement No. 75: TRS-CARES Illustrative Example: Anywhere ISD Not practical to present beginning balances for deferred inflows and outflows other than the deferred outflow for contributions subsequent to measurement date. 11

12 Statement No. 75 Cities TMRS - SDBF Example: The following slide shows an example of the entries necessary to record a city s Total OPEB liability, related deferred inflows/outflows of resources and OPEB expense for retiree participation in the TMRS Supplemental Death Benefit Fund (SDBF). There are comments to the right of each entry showing the source of each amount. Note: debits or credits to OPEB expense in the example will need to be allocated to the various functions. 12

13 Statement No. 75 OPEB Effective FYE June 30, 2018 and later City of Weaver 9/30/2018 GASB 75 Journal Entries Example -TMRS SBDF J.E. # Description Debit Credit Comments 1 Unrestricted Net Position 352,305 Difference between deferred outflow and TOL Deferred Outflow - contributions 1,493 Contributions of retiree portion from 1/1/17-9/30/17 Total OPEB Liability (TOL) 353,798 From Actuarial and Financial Schedules - pg. 2-Total OPEB liability-beg of year (To record prior year entries) 2 OPEB Expense 46,510 From Schedule of OPEB Expense - pg 3 Deferred Outflow - Contributions 1,493 Contributions from 1/1/18-9/30/18 (estimated as same as prior year in this example) Deferred Outflow - Change in Assumptions and Other inputs 34,576 From Schedule of Outflows and Inflows - pg 5 This should be approximately equal to the reversal of the expense for retiree portion of OPEB contributions expense 1,990 the SBDF contributions made by the City during the current FY Deferred Outflow -Contributions 1,493 From Journal entry #1 - reversal of amount debited Total OPEB Liability (TOL) 79,096 From Actuarial and Financial Schedules - pg. 2-Total OPEB liability-end of year (To record current year entries)

14 Contact Information Shelby Lackey, CPA Partner, Assurance Services Laura Lambert, CPA Partner, Assurance Services

GASB Update. August 2018

GASB Update. August 2018 GASB Update August 2018 Agenda GASB 75 OPEB GASB 84 Fiduciary Activities GASB 85 Omnibus 2017 GASB 87 Leases GASB 88 Certain Disclosures Related to Debt GASB 89 Accounting for Interest Cost Incurred Before