United States

GASB addresses implementation issues of recent pension standards


The Governmental Accounting Standards Board (GASB) recently issued an Exposure Draft, Pension Issues – an amendment of GASB Statements No. 67, No. 68, and No. 73, to address practice issues raised during the implementation of Statement Nos. 67, Financial Reporting for Pension Plans, 68, Accounting and Financial Reporting for Pensions, and 73, Accounting and Financial Reporting for Pensions and Related Assets That Are Not within the Scope of GASB Statement 68, and Amendments to Certain Provisions of GASB Statements 67 and 68. Specifically, the proposed Statement addresses issues regarding:

  • Presentation of payroll-related measures in required supplementary information
  • Selection of assumptions and the treatment of deviations from the guidance in Actuarial Standards of Practice for financial reporting purposes
  • Classification of payments made by employers to satisfy employee (plan member) contribution requirements

If finalized, the requirements of the proposed Statement would be effective for reporting periods beginning after June 15, 2016. The Exposure Draft is available for comment until February 12, 2016.