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GASB issues implementation guide for pension standard

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

Jan 31, 2014

The GASB has issued an implementation guide to assist state and local government financial statement preparers and auditors in the implementation and application of GASB Statement No. 68, “Accounting and Financial Reporting for Pensions.”

The guide is classified as category (d) within the GAAP hierarchy (as defined in GASB 55). It provides authoritative guidance that has been prepared by GASB’s staff and cleared for issuance by the GASB board.

The guide is in a question and answer format and discusses the following:

  • The scope and applicability of GASB 68.
  • Considerations regarding the identification of special funding situations.
  • Measurement of defined benefit pension liabilities of employers and nonemployer contributing entities.
  • Pension expense and deferred inflows and outflows of resources related to pensions.
  • Note disclosures and required supplementary information.
  • Unique issues related to cost-sharing employers and certain nonemployer contributing entities.
  • Transition to the new standards.

GASB 68 is effective for periods beginning after June 15, 2014.

For more information, see the press release and the implementation guide on the GASB’s Web site.

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