Summary of Statement No. 4
Statement No. 4
Applicability of FASB Statement No. 87, "Employers' Accounting for Pensions," to State and Local Governmental Employers
This Statement provides that state and local governmental employers should not change their accounting and financial reporting of pension activities as a result of FASB Statement No. 87, Employers' Accounting for Pensions. The GASB is making progress on that subject and expects to issue one or more pronouncements on it in the near future.
The provisions of this Statement are effective on issuance.
Unless otherwise specified, pronouncements of the GASB apply to financial reports of all state and local governmental entities, including public benefit corporations and authorities, public employee retirement systems, and governmental utilities, hospitals, colleges, and universities.