GASB Proposes Changes to Certain Component Unit Criteria and Section 457 Deferred Compensation Plans
March 9, 2020
The GASB has issued an exposure draft (ED), Certain Component Unit Criteria, and Accounting and Financial Reporting for Internal Revenue Code Section 457 Deferred Compensation Plans. The ED “would increase consistency and comparability related to the reporting of fiduciary component units in circumstances in which the organization does not have a governing board and the primary government performs the duties that a governing board typically performs.”
In addition, the ED would “enhance the relevance, consistency, and comparability of accounting and financial reporting for Section 457 deferred compensation plans that meet the definition of a pension plan and for benefits provided through those plans.”
Comments on the ED are due by April 10, 2020. For more information, see the press release on the GASB’s Web site.