The American Institute of CPAs’ (AICPA) State and Local Government Expert Panel (SLGEP) and Private Companies Practice Section (PCPS) Technical Issues Committee (TIC) recently submitted comment letters to the Governmental Accounting Standards Board (GASB) on its Exposure Draft (ED), Pension Issues.
The Pension Issues ED addressed three areas within the current pension guidance that the Board intends to clarify. The SLGEP strongly agreed with the changes proposed in the ED in its February 2, 2016 letter and commended the Board’s responsiveness to stakeholder concerns in the areas addressed in the ED. Similarly, in its February 12, 2016 letter, TIC fully supported the changes proposed in the ED.
The SLGEP also encouraged the Board to consider two pension practice issues in a future project: reconsideration of the discount rate and accounting for frozen plans.