Accounting and financial reporting for pension plans
The Governmental Accounting Standards Board (GASB) issued two accounting and financial reporting standards that substantially impact the reporting requirements for pension plans and employers participating in the plans. The purpose of the standards, according to GASB, is to improve the way state and local governments report their pension liabilities and expenses, resulting in a more realistic representation of the complete impact of pension obligations. GASB believes the changes improve the decision-usefulness of the reported information and increase the transparency, consistency, and comparability of pension information across state and local governments.
Learn more about GASB 67 and 68
Accounting and financial reporting for OPEB plans
GASB issued two accounting and financial reporting standards that substantially impact the reporting requirements for Other Postemployment Benefits (OPEB) plans and employers participating in the plans. The purpose of the standards, according to GASB, is to improve the way state and local governments report their OPEB liabilities and expenses, resulting in a more realistic representation of the complete impact of OPEB obligations. GASB believes the changes improve the decision-usefulness of the reported information and increase the transparency, consistency, and comparability of OPEB information across state and local governments.
Learn more about GASB 74 and 75