The Formulation of Accounting Framework for Benefit Obligations of Public Pensions

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Referring particularly to the accounting standard for the U.S. state and local pensions, which is issued by GASB in 2013, this research illuminated how the new concept of benefit obligations for public pensions has been formulated. The concept has been developed when the government issued the bonds in the public market, and the rating agencies valued the government, i.e. sponsoring entity which had the obligation to pay for pensioners. Then the government has to disclose the real valuation of benefit obligations in its Balance Sheet. The development seems to responds to the development of accounting standard for corporate pensions.The research result is only the basic findingsto develop the formulation of the concept of benefit obligations for public pensions.