Compliance April 6, 2009

GASB Wants to Know What You Think

April 6, 2009 (PLANSPONSOR.com) - The Governmental Accounting Standards Board (GASB) has issued an Invitation to Comment (ITC) on Pension Accounting and Financial Reporting.
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According to a press release from the Norwalk, Connecticut-based GASB, the ITC is “…intended to obtain feedback from constituents at an early stage of the Board’s reexamination of its pension accounting and financial reporting standards.”   Interested parties are encouraged to review and provide input on the ITC by July 31, 2009.

Issues Included

The ITC addresses key issues related to pension accounting and financial reporting that were raised during the research phase of this project, including:

  • the process on which pension accounting and financial reporting should focus;
  • recognition of liabilities and expenses;
  • measurement of unfunded pension obligations;
  • the use of actuarial methods; and
  • reporting by government employers in cost-sharing multiple-employer pension plans and reporting by pension plans themselves.

GASB notes that the input received in response to the ITC “…will help the Board determine whether modifications to current pension standards should be proposed in order to better meet the financial reporting objectives of accountability and decision usefulness, including enabling users of financial reports to assess the extent to which interperiod equity has been achieved.”

“The GASB is committed to ensuring that its standards, including those associated with pension benefits, lead to information reported that is useful for making decisions, and assists users of financial reports to assess accountability,” said Robert H. Attmore, GASB chairman.

Submitting Comments

Written comments may be submitted through an Internet-based form or addressed to the Director of Research and Technical Activities, Project No. 34, and emailed to director@gasb.org or mailed to the GASB, 401 Merritt 7, PO Box 5116, Norwalk, CT 06856-5116.

A public hearing on the ITC is scheduled during the Board’s regular meeting on August 26, 2009, beginning at 8:30 a.m., at the GASB offices in Norwalk, CT. Interested individuals or organizations may participate in the public hearing in person or by telephone. The deadline for written notice of intent to participate in public hearing: July 31, 2009.

The GASB describes itself as “the independent, not-for-profit organization formed in 1984 that establishes and improves financial accounting and reporting standards for state and local governments.”   More information about the GASB can be found at its website www.gasb.org .

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