The Governmental Accounting Standards Board
(GASB) has issued two pensions standards for use by US state
and local governments that provide defined benefit pensions.

The standard, Statement No. 67
– Financial Reporting for Pension Plans, which revises
existing guidance for the financial reports of most pension plans
and Statement No. 68 – Accounting and Financial Reporting for
Pensions, which revises and establishes new financial
reporting requirements for most governments that provide their
employees with pension benefits are both now available online.

Both standards were approved by the standard
setter in June.

The provisions in Statement 67 are effective
for financial statements for periods beginning after 15 June 15
2013 while the provisions in Statement 68 are effective for fiscal
years beginning after 15 June 2014. Earlier application is
encouraged for both.

Related article

US GASB approves public pension reporting standards

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.