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The Voice of the

Commonwealth's Counties

Financial Facts

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

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