The Governmental Accounting Standards Board (GASB) approved two new standards for the accounting and financial reporting of public employee pensions by state and local governments (see “GASB Approves New Pension Reporting Standards”). Statement No. 67, Financial Reporting for Pension Plans, revises existing guidance for the financial reports of most pension plans. Statement No. 68, Accounting and Financial Reporting for Pensions, revises and establishes new financial reporting requirements for most governments that provide their employees with pension benefits.
The report from PwC’s Human Resource Services group explains what the statements mean and offers commentary from PwC. It also includes a list of next steps for governments.The report can be accessed here.