Measurement Date Clarity Requested for Reporting Pension Liabilities
As state and local governments prepare financial reports for their pension plans to comply with Government Accounting Standards Board (“GASB”) Statement No. 67, Financial Reporting for Pension Plans—an amendment of GASB Statement No. 25, and No. 68, Accounting and Financial Reporting for Pensions, several accountants are still confused which measurement date to use for recording liabilities. The issue was a hot topic among attendees at this week’s Government Accounting and Auditing Update Conference, attended by Cherry Bekaert Partner Patricia Pryor . Discussing the matter, conference attendee Jeff Markert remarked that state and local governments are confused about which date to use because. Read More.