GASB, based in Norwalk, Conn., defines generally accepted accounting principles for governments in the U.S. other than the federal government, much like its sister organization, the Financial Accounting Standards Board, defines GAAP accounting for the private sector.
Both FASB and GASB are part of the Financial Accounting Foundation.
The most significant proposed change is the movement of unfunded pension liabilities - the equivalent of debts owed to current and future retirees - onto government balance sheets.
Previously, governments disclosed unfunded liabilities in footnotes to their financial reports.
The new location for pension-related debts - or, in the case of well-funded plans, assets - will not change the reality of what governments owe, but the board believes the new rules will improve transparency.
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