Financial Statement presentation of a city government defined benefit

[Guest Allen Radin]

What is the proper terminology to be used in the financial statements of a city government defined benefit pension plan? According to the Government Accounting Standards Board

this should be a "Statement of Net Assets" and "Statement of

Changes in Net Assets". However, I have read in other accounting literature that this should be a "Statement of Financial Status" and a Statement of Changes in Financial Status". This assumes that the City does not include the Plan in its own financial statements. Does anyone have any

views as to what is the correct or preferred manner of presentation?

[Guest Ralph Amadio]

First read the governing state statutes relative to reporting. Many states require an audited report to the State Treasurer, or State Controller which lay out specifics that usually are acceptable under GASB. As to nomenclature, that also may be varied by state.