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.

You may like these other stories...

Is it time to consider a value added tax?Forbes contributor Joseph Thorndike wrote yesterday that he believes the tax reform proposal by House Ways and Means Committee Chairman Dave Camp (R-MI) was dead on arrival. But he...
Read more from Larry Perry here and in the Today's World of Audits archive.The planning phase of an audit engagement of an entity using US GAAP or a special purpose framework will, with minor differences, include similar...
Internal audit: Know when to discloseIn an excerpt from his book, Lessons Learned on the Audit Trail, Institute of Internal Auditors President and CEO Richard F. Chambers said if you analyze enough audit reports, you can...

Upcoming CPE Webinars

Apr 22
Is everyone at your organization meeting your client service expectations? Let client service expert, Kristen Rampe, CPA help you establish a reputation of top-tier service in every facet of your firm during this one hour webinar.
Apr 24
In this session Excel expert David Ringstrom, CPA introduces you to a powerful but underutilized macro feature in Excel.
Apr 25
This material focuses on the principles of accounting for non-profit organizations' revenues. It will include discussions of revenue recognition for cash and non-cash contributions as well as other revenues commonly received by non-profit organizations.
Apr 30
During the second session of a four-part series on Individual Leadership, the focus will be on time management- a critical success factor for effective leadership. Each person has 24 hours of time to spend each day; the key is making wise investments and knowing what investments yield the greatest return.