Journal EntriesThis recurring website feature highlights articles from The GASB Report, the GASB’s monthly newsletter. The current article appeared in the August 2012 issue.
Project to Provide Implementation Guidance on New Pension Statements Added to Current Technical Agenda
In August, after considering input from other members of the Board, GASB Chairman Robert Attmore added a project to the current technical agenda that is expected to result in the publication of guidance to assist in the implementation of the recently issued pension Statements.
More specifically, the project would result in the publication of implementation guides to assist pension plans, employers, and governmental nonemployer contributing entities as they prepare to implement Statement No. 67, Financial Reporting for Pension Plans, or Statement No. 68, Accounting and Financial Reporting for Pensions.
The new pension Statements were approved in June 2012 and published in early August. Statement 67 is effective for plans for fiscal years beginning after June 15, 2013. Statement 68 is effective for employers and governmental nonemployer contributing entities for fiscal years beginning after June 15, 2014.
The project work plan anticipates the issuance of two Implementation Guides—the first focused on plan implementation issues, including the calculation of the net pension liability, and the second focused on additional issues related to employer-specific requirements in Statement 68.
Staff development of material for both the plan and employer guides will begin in September and continue into the following spring. During that time, the project advisory committee will review proposals for the plan guide and provide feedback. The plan guide is scheduled for issuance in June 2013.
Development of additional material for the employer guide is scheduled to conclude in December 2013. The project advisory committee will review proposals for the employer guide and provide feedback before the guide is scheduled to be cleared by the Board. The employer guide is expected to be issued in January 2014.