News Release 04/11/16

GASB ISSUES PENSION GUIDANCE ADDRESSING
ISSUES RAISED BY STAKEHOLDERS DURING IMPLEMENTATION

Norwalk, CT, April 11, 2016—The Governmental Accounting Standards Board (GASB) today issued guidance addressing practice issues raised by stakeholders during implementation of the Board’s pension accounting and financial reporting standards for state and local governments.

GASB Statement No. 82, Pension Issues, addresses:
  • Presentation of payroll-related measures in required supplementary information
  • Selection of assumptions and the treatment of deviations from guidance in Actuarial Standards of Practice for financial reporting purposes, and
  • Classification of payments made by employers to satisfy plan member contribution requirements.
The Statement is designed to improve consistency in the application of the pension standards by clarifying or amending related areas of existing guidance. Specifically, the practice issues raised by stakeholders during implementation relate to the following Statements: The requirements of GASB Statement 82 are generally effective for reporting periods beginning after June 15, 2016, with earlier application encouraged. Additional information regarding implementation timing is available in the document.

The full text of the Statement is available at www.gasb.org.


About the Governmental Accounting Standards Board

Established in 1984, the GASB is the independent, private-sector organization based in Norwalk, Connecticut, that establishes accounting and financial reporting standards for U.S. state and local governments that follow Generally Accepted Accounting Principles (GAAP). These standards are recognized as authoritative by state and local governments, state Boards of Accountancy, and the American Institute of CPAs (AICPA). The GASB develops and issues accounting standards through a transparent and inclusive process intended to promote financial reporting that provides useful information to taxpayers, public officials, investors, and others who use financial reports. The Financial Accounting Foundation (FAF) supports and oversees the GASB. For more information, visit www.gasb.org.