GASB issued a new standard Tuesday, June 23, that helps reduce costs and increase the consistency and comparability of reporting on state and local governments’ fiduciary component units.
The guidance, included in Statement No. 97, helps to mitigate costs associated with reporting on certain employee benefit plans. The statement also intends to improve the reporting of Sec. 457 deferred compensation plans that meet the definition of a pension plan, and for benefits provided through those plans. Learn more.