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GASB Summaries |
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GASB Summaries |
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Statement No. 32 Accounting and Financial Reporting for Internal Revenue Code Section 457 Deferred Compensation Plans a rescission of GASB Statement No. 2 and an amendment
of GASB Statement No. 31STATUS Issue Date: October 1997 Effective Date: For periods beginning after December 31, 1998 or when plan assets are held in trust under the requirements of IRC Section 457, subsection (g), if sooner. Affects: Supersedes GASBS 2 Amends GASBS 31, paragraphs 2 and 4 Affected by: No other pronouncements Primary Codification Section Reference: D25 Abbreviations for Accounting Pronouncements GASBS - GASB Statements GASBI - GASB Interpretations GASBTB - GASB Technical Bulletins GASBCS - GASB Concepts BFC - Basis for Conclusions NCGAS - NCGA Statements NCGAI - NCGA Interpretations SOP - AICPA Statements of Position ASLGU - AICPA Audit Guide SUMMARY This Statement rescinds GASB Statement No. 2, Financial
Reporting of Deferred Compensation Plans Adopted under the Provisions
of Internal Revenue Code Section 457, and establishes accounting
and financial reporting standards for Internal Revenue Code Section
457 deferred compensation plans of state and local governmental
employers. In addition, this Statement amends the investment
guidance for Section 457 plans in GASB Statement No. 31, Accounting
and Financial Reporting for Certain Investments and for External
Investment Pools.
The provisions of this Statement are effective for
financial statements for periods beginning after December 31,
1998 or when plan assets are held in trust under the requirements
of IRC Section 457, subsection (g), if sooner. Unless otherwise specified, pronouncements of the GASB apply to financial reports of all state and local governmental entities, including general purpose governments, public benefit corporations and authorities, public employee retirement systems, utilities, hospitals and other healthcare providers, and colleges and universities. Paragraphs 2 and 3 discuss the applicability of this Statement. Copyright by Governmental Accounting Standards Board. All Rights Reserved. Used by Permission. Click Here for Order Information
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