Governmental Accounting: Proposed Accounting Changes for Public Pension Sponsors Could Exacerbate States' Fiscal Challenges

By Keith Brainard: The Governmental Accounting Standards Board is reviewing accounting standards for public pensions. The review has been under way for several years and is part of the agency's normal practice. However, the current review coincides with one of the largest market downturns and deepest recessions in recent history. State and local government sponsors of public pensions have been deeply affected by these recent events.
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