Two GASB Exposure Drafts – 20XX Omnibus & 457 Plans
This latest blog is a two-for-one special. GASB has issued two niche exposure drafts. The first is the 20XX Omnibus that addresses a variety of very specific technical issues and corrections. The second addresses the scope of pension guidance with respect to Section 457 plans. Prior guidance had scoped Section 457 plans out of pension guidance, but due to changes in the tax code and some plans now being contributory by the employer in nature, employers will have to evaluate whether the plan meets the definition of a pension. If it does, the plan would be subject to pension accounting and reporting guidance. Comments are due Oct. 4 for the Omnibus and Sept. 27 for the Section 457 plans….(read more)
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