[W]e won't know exactly how sweeping the GASB's changes will be, but it's pretty evident to most observers that public officials will feel a seismic shift: Unfunded pension fund liabilities will be reportable on the balance sheets of the employers, and pension expenses will be shown as costs regardless of the level actually contributed; New disclosure rules will require pension funds and employers to display the assumptions trustees approve for projecting investment returns by asset class; For certain plans with unfunded liabilities, the discount rate used for accounting purposes will be lower ... Amortization periods used for unfunded liabilities will be shorter ... Future investment gains and losses will be recognized over five years[.]  MORE >>