Products November 11, 2013

Tool Kit Helps with New Pension Accounting Standards

November 11, 2013 (PLANSPONSOR.com) – A new online tool kit has been released by the Governmental Accounting Standards Board (GASB).
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The GASB, which is based in Norwalk, Connecticut, designed the free tool kit to help preparers and auditors of state and local government pension plans implement new accounting and financial reporting standards.

On a related note, GASB Statement No. 67, Financial Reporting for Pension Plans, revises existing guidance for the financial reports of most pension plans for state and local governments. These plans are required to implement the new accounting standards in fiscal years beginning after June 15, 2013 (i.e., for years ending June 30, 2014 or later).

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The tool kit includes:

  • The Guide to Implementation of GASB Statement No. 67 on Financial Reporting for Pension Plans;
  • A video featuring GASB Chairman David A. Vaudt discussing the top implementation issues facing pension plans;
  • A podcast featuring GASB Project Manager Michelle Czerkawski discussing the types of pension plans that will be affected by Statement No. 67, and the most significant changes to accounting and financial reporting for pension plans;
  • A background document answering frequently-asked questions regarding Statement No. 67 and Statement No. 68, Accounting and Financial Reporting for Pensions;
  • A fact sheet answering FAQs specifically relating to Statement No. 67;
  • An article identifying several areas plan administrators and public officials should consider as they plan, prepare and collaborate during implementation of the new standards;
  • A “Setting the Record Straight” document addressing common misperceptions about the new pension standards; and
  • The executive summary and the full text of GASB Statement No. 67.

“Many of our stakeholders have requested additional educational resources to help them implement the new standards,” said GASB Chairman David A. Vaudt. “This tool kit is intended to provide guidance on how plan administrators can effectively comply with the new rules. In the coming weeks, we will add more resources to the tool kit, including short videos from GASB staff highlighting our most-asked implementation questions.”

The GASB is an independent, nonprofit organization that establishes and improves financial accounting and reporting standards for state and local governments.

More information on the tool kit can be found here.

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