GASB releases pension reporting toolkit
Late last month, American City & County reported on the new accounting standards issued by the Governmental Accounting Standards Board (GASB). Now the group has released an online pension implementation toolkit to help preparers, auditors and users of state and local government financial reports understand and apply the GASB’s revised accounting and financial reporting standards for pensions, called Statement 68.
The GASB is an independent, not-for-profit organization that establishes and improves financial accounting and reporting standards for state and local governments. Approved in June 2012, GASB Statement 68 revised existing guidelines for accounting and financial reporting for pensions. GASB Statement 71 helps governments report accurately during their first year of implementing Statement 68.
Prepared by GASB staff, the some of the toolkit’s elements include:
- An authoritative guide to implementing GASB Statement 68 on Accounting and Financial Reporting for Pensions
- An executive summary and full text of GASB statements 68 and 71.
- Podcasts featuring GASB officials discussing the most significant changes to accounting and financial reporting for pensions
- An outline of the key ways pension standards will change how governments calculate and report pension costs and obligations.
- A backgrounder and fact sheets answering frequently asked questions on pension standards
- A “setting the record straight” document addressing misconceptions about the new pension standards. Bullet point the above
The toolkit is available, free of charge, on the GASB website. For more information on key issues addressed by the implementation guide, watch the information video, featuring GASB Project Manger Michelle Czerkawski.