The Governmental Accounting Standards Board has released a new online toolkit to help preparers and auditors of state and local government pension plans implement new accounting and financial reporting standards.
The board approved GASB Statement No. 67, Financial Reporting for Pension Plans, over a year ago, changing the old guidance for the financial reports of most pension plans for state and local governments (see GASB Approves New Pension Accounting and Reporting Standards). Pension plans are now required to implement the new accounting standards in fiscal years beginning after June 15, 2013 (for years ending June 30, 2014 or later). However, many local and state government agencies are still struggling to adjust to the new pension plan standards.
The new toolkit, which is available for free on GASB’s Web site, includes an authoritative guide on implementing GASB Statement 67, a video featuring GASB Chairman David A. Vaudt discussing the top implementation issues facing pension plans, and a podcast featuring GASB Project Manager Michelle Czerkawski discussing the types of pension plans that will be affected by Statement 67 and the most significant changes to accounting and financial reporting for pension plans.
The toolkit also provides a background document with answers to frequently-asked questions about Statement 67 and Statement No. 68, Accounting and Financial Reporting for Pensions, along with a fact sheet answering frequently-asked questions specifically relating to Statement No. 67. There is also an article identifying several areas plan administrators and public officials should consider as they plan, prepare, and collaborate when implementing the new standards. A “Setting the Record Straight” document addresses common misperceptions about the new pension standards. Also included is an executive summary of GASB Statement 67 and the full text.
In the coming weeks, more resources will be added to the toolkit, according to GASB, including short videos from GASB staff highlighting the most-asked implementation questions.
“Many of our stakeholders have requested additional educational resources to help them implement the new standards,” said GASB Chairman David A. Vaudt in a statement. “This toolkit is intended to provide guidance on how plan administrators can effectively comply with the new rules. In the coming weeks, we will add more resources to the toolkit, including short videos from GASB staff highlighting our most-asked implementation questions.”
For more information, visit GASB’s Web site.