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GASB Issues New Guidance for Pension Accounting Standards

The Governmental Accounting Standards Board (“GASB”) has issued guidance to improve consistency regarding the application of its recent pension standards. GASB Statement No. 82, Pension Issues, addresses implementation issues concerning:

  • GASB No. 67, Financial Reporting for Pension Plans;
  • GASB No. 68, Accounting and Financial Reporting for Pensions; and
  • GASB No. 73, Accounting and Financial Reporting for Pensions and Related Assets That Are Not Within the Scope of GASB Statement 68.

Specifically, the amendments focus on the presentation of payroll upon which pension plan contributions are based in the supplementary information of financial statements. The new guidance also clarifies that a deviation from Actuarial Standards of Practice would not be considered to be in conformity with the requirements of GASB 67, GASB 68, or GASB 73. Finally, the Statement addresses payments made by an employer to satisfy contribution requirements that are identified by the pension plan terms as plan member contribution.

GASB No. 82 is effective for financial reporting periods starting after June 15, 2016, but early adoption is permitted.

More on GASB No. 82 can be found on the Journal of Accountancy Web site.

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