For those members participating in the South Carolina Retirement System or Police Officers Retirement System, financial reporting will require determining each member's proportionate share of the SCRS/PORS pension liability. The liability will be determined and reported to participating members by SCRS/PORS.
Statement No. 68 is effective for fiscal years beginning after June 15, 2014. For most South Carolina cities that operate on a July to June fiscal year, this statement was effective for the June 30, 2015, financial statements.
The reporting and disclosure requirements of GASB Statement No. 68 are a significant departure from the current accounting standards of GASB Statement No. 27. Although the implementation won't take place until until June 30, 2015, councils, management and accountants are being encouraged to prepare for implementation now and be prepared to answer questions on the potential impacts to financial accounting and reporting.