Magazine article Government Finance Review

Correction to Story on Gasb Pension Implementation Delay

Magazine article Government Finance Review

Correction to Story on Gasb Pension Implementation Delay

Article excerpt

In late March 2014, the GFOA reported both on its website and in the GFOA Newsletter (April 10, 2014) that a position taken by the American Institute of Certified Public Accountants (AICPA) had played a pivotal role in persuading the Governmental Accounting Standards Board (GASB) that no practical purpose would be served by delaying the implementation of GASB Statement No. 68, Accounting and Financial Reporting for Pensions.

In fact, the position in question was that of the GASB staff, not that of the AICPA.

Accordingly, the GFOA published the following correction:

CORRECTION TO STORY ON GASB PENSION IMPLEMENTATION DELAY

The GFOA previously reported (GFOA website, March 24, 2014; GFOA Newsletter, March 27, 2014) that on March 24, 2014, the Governmental Accounting Standards Board voted unanimously to turn down calls to delay the implementation of its new pension guidance for employers. That article specifically noted that:

An important factor in the GASB's decision was the American Institute of Certified Public Accountants' position that the pending auditing guidance would apply regardless of the accounting and financial reporting standards used. …

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