Dec 18, 2015
From the Financial Reporting Network
The GASB recently issued Statement No. 78, Pensions Provided through Certain Multiple-Employer Defined Benefit Pension Plans, which amends 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, e.g., Taft-Hartley plans and plans with similar characteristics. The Statement requires disclosures in the notes to the financial statements, including descriptive information about the plan, benefit terms, and contribution terms, and also requires presentation of certain supplementary information.
The GASB Statement is effective for financial statements for periods beginning after December 15, 2015. Earlier application is permitted.