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GASB Proposes Guidance on Deferred Compensation Plans

July 3, 2019

The Governmental Accounting Standards Board (GASB) proposed new accounting and financial reporting guidance on deferred compensation plans under Section 457 of the tax code. The guidance says that if a Section 457 plan meets the definition of a pension plan under GASB guidance, the appropriate GASB pension standards should be applied to the financial reporting for that plan and for the benefits provided through the plan. Read more (PDF) at the GASB website.