GASB Releases Postimplementation Review Report Related to Pension Standards

The GASB has released a postimplementation review (PIR) report on its pension standards Statement No. 67, Financial Reporting for Pension Plans, and Statement No. 68, Accounting and Financial Reporting for Pensions. In addition to finding that Statements 67 and 68 have met the objective of the PIR process (i.e., the purpose of the standards is accomplished, the costs and benefits are appropriate, and the standard-setting process was followed), the report concludes that the two standards “significantly enhanced the accounting and financial reporting for pensions by pension plans and governmental employers with key provisions including the recognition of the net pension liability on the face of the government-wide statement of net position and the measurement of the liability using a blended discount rate.”

For more information, see the PIR page and press release on the GASB’s Web site.