GASB publishes guide for pension standards implementation

BY KEN TYSIAC

GASB on Thursday published a guide to help state and local government financial statement preparers and auditors as they implement its new standards for accounting and reporting for pensions.

The guide for GASB Statement No. 68, Accounting and Financial Reporting for Pensions, provides authoritative guidance that has been prepared by GASB’s staff and cleared by the board for issuance.

The standard takes effect for reporting periods beginning after June 15, 2014.

Topics addressed in the guide include:

  • The scope and applicability of the standard.
  • Identification of special funding situations.
  • Measurement of defined benefit pension liabilities of employers and nonemployer contributing entities.
  • Pension expense, and deferred inflows and outflows of resources related to pensions.
  • Note disclosures and required supplementary information.
  • Unique issues related to cost-sharing employers and certain nonemployer contributing entities.
  • Transition to the new standards.


GASB also published an implementation guide for Statement No. 67, Financial Reporting for Pension Plans, in June 2013.

Ken Tysiac ( ktysiac@aicpa.org ) is a JofA senior editor.

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