New standards improve reporting clarity for public pensions
The Governmental Accounting Standards Board has approved two new standards that should improve the accounting and financial reporting of public employee pensions by state and local governments.
By Paula Aven Gladych|June 28, 2012 at 08:17 AM
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The Governmental Accounting Standards Board (GASB) has approved two new standards that should improve the accounting and financial reporting of public employee pensions by state and local governments. Statement No. 67, Financial Reporting for Pension Plans, revises existing guidance for the financial reports of most pension plans. Statement No. 68, Accounting and Financial Reporting for Pensions, revises and establishes new financial reporting requirements for most governments that provide their employees with pension benefits.
Statement No. 67 builds upon the existing framework for financial reports of defined benefit pension plans, which includes a statement of fiduciary net position (the amount held in a trust for paying retirement benefits) and a statement of changes in fiduciary net position. It also enhances note disclosures and required supplementary information (RSI) for both defined benefit and defined contribution pension plans. It requires the presentation of new information about annual money-weighted rates of return in the notes to the financial statements and in 10-year required supplementary information schedules.
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