Organizations using financial statements consistent with GASB standards will need to address the new financial reporting standards for defined benefit pension plans. These requirements apply to both organizations that sponsor their own pension plans and those that participate in such plans.
GASB Statement No. 68 requires reporting of the total pension liability as well as the fair value of plan assets available to pay plan benefits.
For more information on the new defined benefit pension plan financial reporting requirements, please visit this article from the Journal of Accountancy, or contact Eric Van Dop at (231) 726-5855 or firstname.lastname@example.org.