GASB Proposes Rule Changes for Pension Accounting & Reporting

On July 8th, the Governmental Accounting Standards Board (GASB) released a draft of their proposed changes to state and local government accounting and reporting of employee pension plans.

This was an anticipated release, given the increased scrutiny of funded and unfunded liabilities of government employee pensions, the validity of methods used to calculated them, and the current and future impact of these liabilities on government budgets, debt issuance and taxation.

Link to GASB Website – Pension Accounting & Financial Reporting Proposal

Link to “plain-language supplement” of GASB proposals (PDF)

GASB will receive written comments on these proposals from interested parties between now and September 30, 2011. Information on the process to submit written comment is available at the first website link above.

Media Reports on GASB Announcement:

From Business Insider

From New York Times

From Wall Street Journal (Subscription Required)

From Wall Street Journal

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