GASB proposal would eliminate understatement risk for pensions

07/15/2013 | Journal of Accountancy online

The Governmental Accounting Standards Board has issued a proposal to eliminate the risk of understating certain items related to pension obligations as state and local governments implement a standard requiring them to report unfunded liabilities. The proposal is intended as a transitional measure in the first year a government implements GASB Statement No. 68, Accounting and Financial Reporting for Pensions. The deadline for public comment on the proposal is Aug. 26. Learn more about pension standards at the AICPA's Governmental Audit Quality Center.

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