GASB Approves New Accounting Standards for Public Sector Pension Plans and Sponsoring Employers

Source: Kim Nicholl and Paul Angelo, Pension Section News, Issue No. 78, November 2012

The Governmental Accounting Standards Board (GASB), the organization responsible for establishing accounting and financial reporting for the public sector, has issued new accounting and reporting standards for pension plans provided through state and local governments and their sponsoring employers. GASB Statement 67, Financial Reporting for Pension Plans, will replace GASB Statement 25 and will apply to state and local pension plans established as trusts or similar arrangements. GASB Statement 68, Accounting and Financial Reporting for Pensions by State and Local Governmental Employers, will replace GASB Statements 27 and 50 and will apply to governments that sponsor or contribute to state or local pension plans.
Related:
Gearing Up to Comply with GASB’s New Accounting Standards for Public Sector Pension Plans and Sponsoring Employers
Source: Segal, Public Sector Letter, December 2012

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