The American Institute of CPAs has created an
The new pension accounting and financial reporting standards, Statement 67 and Statement 68 (one for governmental pension plans and the other for governmental employers), would require state and local governments, for the first time, to far more prominently report significant pension-related liabilities on their balance sheets (see
The video highlights the two new standards and how their implementation aims to improve transparency around the effect of public pension benefits on the finances of state and local governments.
The provisions in