GASB has proposed new guidance on accounting and reporting, including:
An exposure draft addressing Sec. 457 deferred compensation plans in which GASB recommends that if a Sec. 457 deferred compensation plan meets GASB’s definition of a pension plan, then the appropriate GASB pension standards be applied to the financial reporting for that plan.
GASB also issued Implementation Guide No. 2019-2, Fiduciary Activities, which provides guidance about how to apply the provisions of GASB Statement NO. 84, Fiduciary Activities.
VACo Contact: Vicky Steinruck, CPA