Summaries / Status
Summary of Statement No. 32
Accounting and Financial Reporting for Internal Revenue Code Section 457 Deferred
Compensation Plans--a rescission of GASB Statement No. 2 and an amendment of GASB
Statement No. 31
(Issued 10/97)
Summary
This Statement rescinds GASB Statement No. 2, Financial Reporting of Deferred
Compensation Plans Adopted under the Provisions of Internal Revenue Code Section 457,
and establishes accounting and financial reporting standards for Internal Revenue Code
Section 457 deferred compensation plans of state and local governmental employers. In
addition, this Statement amends the investment guidance for Section 457 plans in GASB
Statement No. 31, Accounting and Financial Reporting for Certain Investments and for
External Investment Pools.
The provisions of this Statement are effective for financial statements for periods beginning after December 31, 1998 or when plan assets are held in trust under the requirements of IRC Section 457, subsection (g), if sooner.
Unless otherwise specified, pronouncements of the GASB apply to financial reports of all state and local governmental entities, including general purpose governments, public benefit corporations and authorities, public employee retirement systems, utilities, hospitals and other healthcare providers, and colleges and universities. Paragraphs 2 and 3 discuss the applicability of this Statement.