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. Read More.