GASB, Financial Accounting Standards Board.
68, Accounting and Financial Reporting for Pensions, revises and establishes new financial reporting requirements for most state and local governments that provide their employees with pension benefits. Statement 68 replaces the requirements of Statement No.
In this regard, what is the difference between GASB 67 and 68?
While GASB 67 eliminated the practice of asset smoothing in the reporting of pension assets, GASB 68 permits governments to continue a form of it. Governments are permitted to defer the recognition of the difference between the return expected on plan assets and the actual return.
Also Know, what does the GASB do? The Government Accounting Standards Board (GASB) is a private non-governmental organization that creates accounting reporting standards, or generally accepted accounting principles (GAAP), for state and local governments in the United States.
Just so, when did GASB 68 go into effect?
June 15, 2014
What is GASB 72?
Governmental Accounting Standards Board (GASB) Statement No. 72, Fair Value Measurement and Application, provides guidance for determining and applying fair value measurements for financial reporting for governments. It’s effective for years beginning after June 15, 2015.