"The Governmental Accounting Standards Board (GASB) today published standards intended to improve the accounting and financial reporting of public employee pensions by state and local governments. The two pronouncements, which were approved on June 25, are available to download at no charge on the GASB website. Statement No. 67, Financial Reporting for Pension Plans, revises existing guidance for the financial reports of most pension plans. Statement No. 68, Accounting and Financial Reporting for Pensions, revises and establishes new financial reporting requirements for most governments that provide their employees with pension benefits."  MORE >>