GASB Improves Pension Accounting and Financial Reporting Standards

Categories: National Developments,OPEB/GASB 45/75
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Here is a summary of significant new Government Accounting Standards Board (GASB) rules on pension accounting and reporting from the GASB website:

“GASB Improves Pension Accounting and Financial Reporting Standards” June 25, 2012

“The Governmental Accounting Standards Board (GASB) today voted to approve two new standards that will substantially improve the accounting and financial reporting of public employee pensions by state and local governments. Statement No. 67, Financial Reporting for Pension Plans, revises existing guidance for the financial reports of most pension plans. Statement No. 68, Accounting and Financial Reporting for Pensions, revises and establishes new financial reporting requirements for most governments that provide their employees with pension benefits.”

Read the full news release here… 



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