GASB Issues Technical Bulletin to Clarify Pension Accounting
The Governmental Accounting Standards Board (GASB) has published a proposed staff Technical Bulletin, Recognition of Pension and Other Postemployment Benefit Expenditure/Expense and Liabilities.
The proposed guidance would clarify requirements on accounting for employers’ contributions to pension and other postemployment benefit (OPEB) plans in Statement No. 27, Accounting for Pensions by State and Local Governmental Employers, and Statement No. 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions. The proposed Technical Bulletin is issued to foster a common understanding and comparable application of those requirements and enhance the transparency of financial reporting.
As part of its due process, the GASB seeks comments from preparers, auditors, and users of the financial statements issued by state and local governments. Comments are due by Friday, November 12, 2004.
The proposed Technical Bulletin is available on the GASB website.