GASB improves pension accounting and financial reporting standards.

• Position: NEWS

The Governmental Accounting Standards Hoard recently voted to approve two new standards. Statement No. 67. Financial Reporting Pension Plans, revises existing guidance for the financial reports till' most pension plans. Statement No. 68, Accounting and Financial Reporting for Pensions, revises and establishes new financial reporting requirements for most governments that provide their employees with pension benefits.

Statement 68 requires governments providing defined benefit pensions to recognize their long-term obligation for pension as a liability for the first time, and to more...