United States

GASB Proposes New Guidance for Governments Participating in Certain Multiple-Employer Pension Plans

Oct 26, 2015
From the Financial Reporting View

The GASB recently issued an Exposure Draft, Accounting and Financial Reporting for Pensions Provided through Certain Multiple-Employer Defined Benefit Pension Plans, which would amend the scope and applicability of GASB Statement No. 68, Accounting and Financial Reporting for Pensions, to exclude certain private or federally-sponsored multiple-employer defined benefit pension plans, such as Taft-Hartley or plans with similar characteristics. The proposal would establish separate standards for note disclosures of descriptive information about the plan, benefit terms, contribution terms, and required supplementary information.

The proposed GASB Statement would be effective for financial statements for periods beginning after December 15, 2015. Earlier application would be permitted. The comment period ends November 16.

Read GASB Exposure Draft