GASB Issues Measurement Guidance for Qualified External Investment Pools
On December 23rd, the Governmental Accounting Standards Board (“GASB”) published a standard that offers measurement guidance for some state and local government investment pools. Issued as GASB Statement (GASBS) No. 79, Certain External Investment Pools and Pool Participants, the standard allows qualified external investment pools to measure pool investments at their amortized cost. GASBS No. 79 is effective for financial statements for reporting periods that have begun since June 15th. State and local governments are encouraged to apply the statement for periods ahead of that date. The standard’s requirements to reduce the risk in a pool’s assets and the provisions. Read More.
Standard Issued for Certain Multiple-Employer Pension Plans
The Governmental Accounting Standards Board (“GASB”) has issued GASB Statement (GASBS) No. 78, Pensions Provided Through Certain Multiple-Employer Defined Benefit Pension Plans, to assist participants of some private or federal multiple-employer pension plans. Addressing the employer accounting and financial reporting disclosures for pension plans, the standard is intended to help state or local governments participating in multi-employer plans with the implementation of GASBS No. 68, Accounting and Financial Reporting for Pensions. GASBS No. 78 excludes several pensions available to governmental employees through a cost-sharing, multiple-employer pension plan from applying GASBS No. 68. The GASB said the exclusion is necessary due. Read More.