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.
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