Recently at work I've working something involving GASB, and I want to share here:

First question, what are the keydifferences between FASB rules for private pension/OPEB plans and GASB rulesfor public sector pension/OPEB plans? To answer that, first notice the regulationsinclude GASB 27, 45, 25, and 43. Together they cover wider range of benefits.

Pension accounting is based on substantiveplan, meaning a plan understood by both EE and ER, usually via contractual plandocuments.