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GASB issues implementation toolkit for new accounting standard on pensions

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

Mar 12, 2014

The GASB has published a toolkit to help preparers, auditors, and users of state and local government financial reports understand and implement GASB Statement No. 68, "Accounting and Financial Reporting for Pensions." The standard is effective for fiscal years beginning after June 15, 2014.

As outlined in the GASB’s press release, the toolkit contains the following:

  • The Guide to Implementation of GASB Statement 68 on Accounting and Financial Reporting for Pensions, an authoritative resource guide
  • The executive summary and full text of GASB Statements No. 68, Accounting and Financial Reporting for Pensions — an amendment of GASB Statement No. 27, and No. 71, Pension Transition for Contributions Made Subsequent to the Measurement Date — an amendment of GASB Statement No. 68
  • A video featuring GASB Project Manager Michelle Czerkawski outlining the key issues addressed by the implementation guide
  • A video featuring GASB Chairman David A. Vaudt discussing the top implementation issues arising from the pension standards
  • Eight Podcasts featuring GASB Project Manager Michelle Czerkawski discussing the most significant changes to accounting and financial reporting for pensions
  • A video featuring GASB Technical Director David Bean and Research Manager Dean Mead discussing stakeholder outreach for the pension standards
  • An article outlining the key ways that the pension standards will change how governments calculate and report pension costs and obligations
  • A background document and six fact sheets answering frequently-asked questions regarding the pension standards
  • An article identifying several areas public officials should consider as they plan, prepare, and collaborate when implementing the new standards, and
  • A 'Setting the Record Straight' document addressing common misperceptions about the new pension standards."

In November 2013, the GASB issued a similar toolkit for the implementation of GASB Statement No. 67, Financial Reporting for Pension Plans.

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

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