Federal Financial Accounting Standards No. 33, Pensions, Other Retirement Benefits

The Federal Accounting Standards Advisory Board (FASAB) has issued Statement of Federal Financial Accounting Standard 33, Pensions, Other Retirement Benefits, and Other Post-employment benefits: Reporting Gains and Losses from Change in Assumptions and Selecting Discount Rates and Valuation Dates. A summary of the standard follows: The standard highlights gains and losses from changes in assumptions in federal financial reports. Some of the most significant changes in amounts on the statement of net cost for the consolidated Financial Report of the United States Government (CFR) and for certain component entities can result from such gains and losses. Copies of the standard can be obtained by contacting FASAB at 202-512-7350. The standard is also available on FASAB's home page http://www.fasab.gov/.