The Governmental Accounting Standards Board released an exposure draft on pensions that would bring current disclosure requirements for governments and governmental pension plans into line with those recently issued for other post-employment benefits.
GASB said the changes would serve to enhance accountability and improve the decision-usefulness of financial information provided to citizens, elected representatives, investors and other financial statement users about pensions in a number of areas.
Specifically, the proposal would amend GASB Statements No. 25, Financial Reporting for Defined Benefit Pension Plans and Note Disclosures for Defined Contribution Plans, and, No. 27, Accounting for Pensions by State and Local Governmental Employers.
The requirements the ED would be effective for periods beginning after June 15, 2007.
A copy of the proposal may be downloaded from the GASB's Web site at www.gasb.org.
GASB is seeking written comments on the proposal by Feb. 28, 2007.
Robert Attmore, chairman of GASB, said the standard-setter is concurrently conducting a broader research project to determine whether existing accounting standards for government pensions have been effective. Based upon feedback and analysis, the board would, at a future date, determine whether further changes to the current pension standards are necessary.
