• Register
Return to: Home > News > Standards > GASB consults on pension standards transition issues

GASB consults on pension standards transition issues

The Governmental Accounting Standards Board (GASB) has launched an exposure draft for public consultation regarding the transition provisions of GASB's new pension standards for state and local governments.

Last year GASB approved the standard Statement No. 68 Accounting and Financial Reporting for Pensions, which established new financial reporting requirements for most governments that provide their employees with pension benefits.
GASB said the ongoing proposal aims at eliminating a potential source of understatement during a state or local government's transition to the GASB's new pension standard.

GASB's proposed provisions would require recognizing "a beginning deferred outflow of resources for pension contributions made during the time between the measurement date of the beginning net pension liability and the beginning of the initial fiscal year of implementation."

The provisions would be effective simultaneously with Statement 68, which is effective for fiscal years beginning after 15 June 2014 although earlier application was encouraged by the standard setter.

The deadline to comment on GASB's exposure draft is 26 August.

Related article

US GASB pension standards go live

Related link

Governmental Accounting Standards Board

Top Content

    Choosing the right location can have cast-iron benefits

    As Game of Thrones, one of the biggest television shows of all time, comes to an end, Joe Pickard looks at how tax incentives offered to television and film production companies help the wider economy.

    read more

    Primary financial statements: a game changer in reporting?

    International Accounting Standards Board chair Hans Hoogervorst delivered a speech at the Seminario International sobre NIIF y NIF, organised by the Consejo Mexicano de Normas de Información Financiera in Mexico. The Accountant presents the highlights.

    read more

    FASB readies standards for the netflix generation

    The US Financial Accounting Standards Board (FASB) has updated its accounting standard for entertainment, with a specific eye on keeping up to date with how episodic content, such as television programmes, is consumed in the modern world. Jonathan Minter reports.

    read more

    Brexit: why it takes two to tango

    Former TA editor Vincent Huck, now editor of Insurance Asset Risk, looks at why Brexit might unleash geopolitical intrigue in Europe’s accounting standard-setting scene – and why IFRS 17 will be an incredible source of opportunity for firms in the coming years.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.