The Governmental Accounting Standards Board (GASB) recently issued Preliminary Views on Major Issues Related to Pension Accounting and Financial Reporting by Employers. This document presents the GASB’s current views on what it believes are the most fundamental issues related to recognition and measurement of pension obligations by state and local government employers. The approach presented in the Preliminary Views document would move governmental pension accounting and reporting away from the funding orientation that now exists, and instead introduce recognition and measurement standards that would be based on the GASB’s conceptual framework, including information that would help financial statement users better assess the degree to which interperiod equity has been achieved.
The Preliminary Views document is available for comment until September 17, 2010 |
