GASB Makes Changes to Unfunded Pension Liabilities Reporting

Posted on 11.02.12

The Governmental Accounting Standards Board (GASB) voted to approve two new standards that will substantially improve the accounting and financial reporting of public employee pensions by state and local governments by requiring the government entity to recognize the unfunded pension benefit obligations as a liability in their financial statements. GASB Makes Changes to Unfunded Pension Liabilities Reporting