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GASB introduces government pension plan toolkit

  • GASB (Governmental Accounting Standards Board) (blue) Image

Nov 11, 2013

The GASB has announced a new toolkit designed to help preparers and auditors of state and local government pension plans implement new accounting and financial reporting standards.

The toolkit provides a guide to GASB Statement No. 67, Financial Reporting for Pension Plans. State and local government pension plans are required to follow the guidance in GASB 67 for fiscal years beginning after June 15, 2013. In addition, the toolkit includes:

  • A video overview by GASB Chairman David A. Vaudt on the most critical implementation issues facing pension plans.
  • A podcast discussion of the key changes to accounting and financial reporting for pension plans resulting from Statement 67 and the types of plans that will be affected.
  • An FAQ on the background of GASB 67 and GASB 68, Accounting and Financial Reporting for Pensions.
  • An FAQ fact sheet on GASB 67.
  • An article providing implementation items to consider when applying the new standards.
  • A “Setting the Record Straight” document that clarifies "common misperceptions" of the new standards.
  • An executive summary and full text of GASB 67.

For additional information, please see the press release on the GASB's Web site.

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