Difference Between Fasb And Gasb
Public policy issues
FASB and GASB have changed their rules on Pension Standards, which was supposed to help people understand better and their pension system work efficiently. It seems to be achieved for the first part that people now understand the pension system better. For the second part, however, there are always fights between governments and the public, because some governments attempt to cut pension payment in order to balance the budget that the government need in the year.
One of the example that people fights against the government for cutting the pension payments is the case of New Jersey’s pension system. New Jersey’s pension funds were flush until 1996. Since 1996 the New Jersey government have been underfunding the system,
FASB and GASB have changed their rules on Pension Standards, which was supposed to help people understand better and their pension system work efficiently. It seems to be achieved for the first part that people now understand the pension system better. For the second part, however, there are always fights between governments and the public, because some governments attempt to cut pension payment in order to balance the budget that the government need in the year.
One of the example that people fights against the government for cutting the pension payments is the case of New Jersey’s pension system. New Jersey’s pension funds were flush until 1996. Since 1996 the New Jersey government have been underfunding the system,