Adrian Johnson
TLDR:
After a post-implementation review, the Governmental Accounting Standards Board (GASB) found that pension standards GASB 67 and GASB 68 achieved their goals. The standards provided transparency, consistency, and comparability of pension information reported by state and local governments and pension plans.
Key Elements:
- GASB 67 and GASB 68 met their goals according to a post-implementation review.
- The standards aimed to provide transparency, consistency, and comparability of pension information.
More than a decade after being approved, the post-implementation review found that the due process leading to the issuance of the standards was exhaustive and robust, with no recommendations for improvements to the standard-setting process.
The review consisted of three stages: post-issuance date implementation monitoring, post-effective date evaluation of costs and benefits, and summary of research and reporting. GASB staff concluded that the board followed its standard-setting process effectively.
Overall, the review confirmed that GASB 67 and GASB 68 achieved their objectives in providing clarity and consistency in reporting pension information for state and local governments and pension plans.
