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.
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