NEWS RELEASE 10/12/04

Governmental Accounting Standards Board Issues Proposed Technical Bulletin to Clarify Accounting for Employers’ Pension and OPEB Contributions

Norwalk, CT, October 12, 2004—The Governmental Accounting Standards Board (GASB) has published a proposed staff Technical Bulletin, Recognition of Pension and Other Postemployment Benefit Expenditure/Expense and Liabilities. The proposed guidance would clarify requirements on accounting for employers’ contributions to pension and other postemployment benefit (OPEB) plans in Statement No. 27, Accounting for Pensions by State and Local Governmental Employers, and Statement No. 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions. The proposed Technical Bulletin is issued to foster a common understanding and comparable application of those requirements and enhance the transparency of financial reporting.

As part of its due process, the GASB seeks comments from preparers, auditors, and users of the financial statements issued by state and local governments. Comments are due by Friday, November 12, 2004.

The proposed Technical Bulletin is available on the GASB website at www.gasb.org.

About the Governmental Accounting Standards Board 

The GASB is the independent, not-for-profit organization formed in 1984 that establishes and improves financial accounting and reporting standards for state and local governments. Its seven members are drawn from the Board's diverse constituency, including preparers and auditors of government financial statements, users of those statements and members of the academic community. More information about the GASB can be found at its website www.gasb.org.

Governmental Accounting Standards Board 

Improving governmental accountability through better financial reporting