The Governmental Accounting Standards Board has issued for public comment a
To correct a potential understatement, GASB’s latest proposal Tuesday would require a state or local government, when transitioning to the new pension standards, to recognize a beginning deferred outflow of resources for its pension contributions made during the time between the measurement date of the beginning net pension liability and the beginning of the initial fiscal year of implementation. This amount would be recognized regardless of whether it is practical to determine the beginning amounts of all other deferred outflows of resources and deferred inflows of resources related to pensions.
The provisions would be effective simultaneously with the provisions of Statement 68, which is required to be to be applied in fiscal years beginning after June 15, 2014.
The
Implementation Guide
Separately GASB published an implementation guide last week for the new GASB standards regarding financial reporting for state and local government pension plans. The
Prepared by the GASB staff, the implementation guide answers key questions about putting the new standards into practice. Topics addressed in the guide include:
• The scope and applicability of
• The classification of pensions as defined benefit or defined contribution
• The determination of the number of pension plans that should be reported
• The recognition of certain transactions and other events in defined benefit pension plan financial statements
• Note disclosures and required supplementary information
• The calculation of the net pension liability
A digital version of the guide will be the first guide to be offered on