Norwalk, CT, July 22, 2009—The July 31, 2009 deadline for providing comments on the Governmental Accounting Standards Board’s (GASB) Invitation to Comment (ITC) on Pension Accounting and Financial Reporting is quickly approaching. The ITC, which is intended to obtain feedback from constituents at an early stage of the Board’s reexamination of its pension accounting and financial reporting standards, was issued on March 31, 2009.
The GASB is committed to regularly reviewing the effectiveness of its standards to determine whether they continue to support accountability and result in the reporting by state and local governments of decision-useful information. The ITC addresses key issues related to pension accounting and financial reporting that were raised during research the GASB conducted on these standards. The topics considered in the ITC include the process on which pension accounting and financial reporting should focus; recognition of pension liabilities and expenses; measurement of unfunded pension obligations; the use of actuarial methods in calculating pension obligations; and reporting by government employers in cost-sharing multiple-employer pension plans and reporting by pension plans themselves.
The input received in response to the ITC will help the Board determine whether modifications to current pension standards should be developed in order to make them more effective.
Written comments may be submitted through an Internet-based form or addressed to the Director of Research and Technical Activities, Project No. 34, and emailed to firstname.lastname@example.org or mailed to the GASB, 401 Merritt 7, PO Box 5116, Norwalk, CT 06856-5116.
A public hearing on the ITC is scheduled during the Board’s regular meeting on August 26, 2009, beginning at 8:30 a.m. at the GASB offices in Norwalk, CT. Interested individuals or organizations may participate in person or by telephone. The deadline for written notice of intent to participate in the public hearing is July 31, 2009.
About the Governmental Accounting Standards Board
The GASB is the independent, not-for-profit organization formed in 1984 that establishes and improves financial accounting and reporting standards for state and local governments. Its seven members are drawn from the Board’s diverse constituency, including preparers and auditors of government financial statements, users of those statements, and members of the academic community. More information about the GASB can be found at its website, www.gasb.org.