Dec 16, 2013
From the Financial Reporting View
The GASB recently issued Statement No. 71, Pension Transition for Contributions Made Subsequent to the Measurement Date,which amends GASB Statement No. 68, Accounting and Financial Reporting for Pensions, to require that, at transition, a government recognize a beginning deferred outflow of resources for pension contributions that it made after the measurement date of the beginning net position liability. GASB Statement 68, as amended, continues to require that beginning balances for other deferred outflows of resources and deferred inflows of resources related to pensions be reported at transition only if it is practical to determine all of those amounts. An entity is required to apply GASB Statement 71 simultaneously with GASB Statement 68.