Administration July 5, 2007

GASB Asks for Input on Pension Accounting Standards

July 5, 2007 (PLANSPONSOR.com) - The Governmental Accounting Standards Board (GASB) is asking for input from users of governmental pension financial statements about the effectiveness of accounting standards.
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Pension accounting and financial reporting standards were issued in November 1994 in GASB Statement No. 25, Financial Reporting for Defined Benefit Pension Plans and Note Disclosures for Defined Benefit Plans, and Statement No. 27, Accounting for Pensions by State and Local Governmental Employers. According to the GASB, the Pension Research Project is intended to assess the effectiveness of those Statements in contributing to the achievement of two goals:

  • transparent financial reporting by state and local governments and pension plans, and
  • information that is decision-useful for users of their financial reports.

In December, the GASB issued proposals for amendments to the two statements that would require additional disclosure from government employers (See GASB Unveils Proposal on Disclosure Requirements for Plans ).

To participate in the survey, go here .

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