Administration January 10, 2005

GASB Seeks Comments on Proposed Clarifications

October 13, 2004 (PLANSPONSOR.com) - The Governmental Accounting Standards Board (GASB) has clarified statements regarding accounting for pensions by state and local governmental employers, as well as accounting and financial reporting for employers for non-pension benefits.
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The bulletin, entitled Recognition of Pension and Other Postemployment Benefits Expenditure/Expense and Liabilities, seeks to clarify Statement Numbers 27 (Accounting for Pensions by State and Local Governmental Employers), and 45 (Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions). In a statement, GASB asserted that the point of the statement is to foster a common understanding and comparable application of these requirements, as well as enhance the transparency of financial reporting.

GASB is seeking comment on the proposed rule change from preparers, auditors, and users of financial statements issued by state and local governments. All comments are due by Friday, November 12, 2004.

The complete bulletin is available at www.gasb.org .

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