Tag: reporting

Creative abstract money savings sketch on modern laptop monitor, accumulation and growth of money concept. 3D Rendering

Introduction States and localities account for pensions in their financial statements according to standards laid out by the Governmental Accounting Standards Board (GASB). Under these standards, state and local plans generally follow an actuarial model and discount their liabilities by the long-term yield on the assets held in the pension fund, roughly 8 percent. Most…