GASB standard to take effect in June

04/14/2014 | Journal of Accountancy online

The Governmental Accounting Standards Board voted last month to implement Statement No. 68, Accounting and Financial Reporting for Pensions, effective for periods beginning after June 15. Some stakeholders had requested a delay in implementation to allow for related auditing procedures to be implemented, but other groups wanted the date to remain the same. "The GASB is committed to doing everything it can to assist governments, pension plans, and their auditors with the implementation of Statement 68, including working with stakeholder groups," Chairman David Vaudt said in a statement. "However, the board does not believe that delaying implementation will benefit its stakeholders in general."

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