Accounting & Audit
The Governmental Accounting Standards Board (GASB) is an independent, non-governmental organization whose purpose is to establish standards and guidelines for state and local government accounting principles. GASB has produced specific guidelines relating to accounting for public pensions:
GASB is currently reviewing Statements 25 and 27, standards that provide guidance on pension accounting and financial reporting. In June 2011, GASB published Exposure Drafts for these statements. Responses to the EDs were due by October 14, 2011. After public hearings in October, GASB expects to issue the final statements in 2012. In addition to the proposed standards above, a Plain Language Supplement is available for review.
In October 2012 GASB issued a fact sheet on the new pension standards.
- Public Plan Response to GASB, on behalf of the members of NCPERS, NCTR, and NASRA NCPERS, NCTR, NASRA, October 2011
- NASRA Resolution on Public Employee Retirement System Accounting Standards & Actuarial Methodologies
Research and Analysis of Proposed GASB Standards
GASB's Proposed Accounting Changes Would Improve Transparency and Comparability for Public-Sector Pension Plans Moody's Investors Service, October 2011
- Moody's explains how proposed changes to GASB's standards on pension accounting and financial management are a positive municipal financial development because they increase transparency and make it easier to compare plan finances to one another.
- This article focuses on the proposed cahnges related to defined benefit pension plans sponsored by sole employers.
New Accounting Standards May Dramatically Alter Financial Accountability CalSTRS, September 2011
- This fact sheet provides an overview of the GASB proposals, with specific focus on the implications for school employers. Also included is a timeline for public hearings, finalization and adoption of standards
Comparison of Proposed Changes in GASB's Exposure Draft to Current Practice Segal, August 2011
- A useful comparison that shows how current accounting and financial reporting practices would change under the new GASB proposals.
- This Segal bulletin summarizes the key proposals in the GASB Exposure Draft addresses common misconceptions about the change sand comments on the implications.
GASB's Game Changers Segal, August 2011
- Slides from a Segal presentation on GASB's Exposure Draft on proposed changes to pension accounting and financial reporting standards.
The GASB’s Exposure Drafts on Pension Accounting and Financial Reporting Gabriel, Roeder, Smith & Co, July 2011
- This article focuses on the changes to accounting and reporting standards for public pensions proposed by GASB. The authors provide background and historical context and consider the implications of the proposed changes if approved.
What Will GASB Changes Mean for Public Employers and Debt Issuers? Girard Miller, July 2011
- A detailed explanation of how changes to GASB standards for pension accounting and reporting will affect public employers and debt issuers.
- This analysis reviews the GASB exposure drafts and presents key changes and next steps in the approval process.