Government Pension Accounting Reform

On June 25, 2013, the Governmental Accounting Standards Board (GASB) voted on two new standards (one for governmental pension plans and one for governmental employers) that will require state and local governments, for the first time, to report significant pension-related liabilities on their balance sheets. Read the GASB press release to learn more about this improvement to pension accounting and financial standards.

We are closely monitoring GASB's government pension reform to keep you alerted of the latest developments surrounding this issue. Check back frequently as we continue to provide updates.

• Pension Accounting Reform to Expose Funding Shortfalls?
  By Pamela W. Baker, CPA, CGFM (PICPA member)
• PICPA Letter to Pennsylvania Legislature re: GASB decision 
  (June 26, 2012) 
• PICPA Comment Letter re: GASB Exposure Draft (ED), Project No. 34-E Accounting and Financial Reporting for Pensions an amendment of GASB Statement No. 27 (Sept. 2011)

From PICPA

• Pension Accounting Reform and What it Means to Me
  - featured on CPA Now by Heidi Turley
• Listen to PICPA member Joseph Seibert, CPA, of KPMG preview his presentation on pensions at the upcoming Local Government Conference on July 23-24.
• Fiscal Responsibility Task Force provides legislators with recommendations on pension reform. View the full report.
• Pennsylvania's pension problems cost taxpayers

From AICPA

• GASB Accounting and Financial Reporting for Pensions Primer (from the AICPA) 
• State Must Face True Pension Liabilities
  Op-ed by Marcia Marien, CPA, past president of the Connecticut Society of CPAs
• Pension Pain and Gain
  Blog post by John Sharbaugh, CPA, executive director/CEO of the Texas Society of CPAs

PICPA TV

Changes to Government Pension Plans

On June 25, 2012, GASB made two significant changes to government pension plans. PICPA member, Cindy Bergvall, CPA, explains the impact.