This week the GASB voted to approve new pension accounting and reporting standards that will result in significant changes for governmental defined benefit pension plans and the employers participating in them. GASB Statement No. 67, Financial Reporting for Pension Plans, will revise existing standards for the financial reports of most defined benefit pension plans. GASB Statement No. 68, Accounting and Financial Reporting for Pensions, establishes new financial reporting requirements for most governments that provide their employees with pension benefits through these types of plans.

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