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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.

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