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GASB amends pension guidance for certain governmental entities

  • GASB document Image

Dec 11, 2015

The GASB has issued Statement No. 78, “Pensions Provided Through Certain Multiple-Employer Defined Benefit Pension Plans,” in response to concerns from stakeholders that governments participating in certain multiple-employer defined benefit pension plans are finding it difficult to obtain the information they need to comply with the requirements in Statement 68, “Accounting and Financial Reporting for Pensions.”

The new Statement “establishes the criteria for identifying the applicable pension plans and addresses measurement and recognition of pension liabilities, expense, and expenditures; note disclosures of descriptive information about the plan, benefit terms, and contribution terms; and required supplementary information presenting required contribution amounts for the past 10 fiscal years.”

State­ment 78 is ef­fec­tive for re­port­ing periods be­gin­ning after De­cem­ber 15, 2015.

For more in­for­ma­tion, see the press release and Statement 78 on the GASB’s Web site.

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