The Governmental Accounting Standards Board issued guidance Monday addressing several practical issues raised by stakeholders during implementation of GASB’s pension accounting and financial reporting standards for state and local governments.
The statement is designed to improve consistency in the application of the pension standards by clarifying or amending related areas of existing guidance. Specifically, the practice issues raised by stakeholders during implementation relate to the following GASB statements:
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The requirements of GASB Statement 82 are generally effective for reporting periods beginning after June 15, 2016, with earlier application encouraged. Additional information regarding implementation timing is available in the document.