Anti-GASB sentiment grows

The Government Accounting Standards Board (GASB), the accounting standards setter for US state and local government, is coming under mounting pressure from state officials in Texas and the Government Finance Officers Association (GFOA) over its rule-making and ongoing viability.

The root cause of the spat is the GASB's rule 45. In essence, the rule requires municipalities that provide post-employment benefits such as health insurance to disclose the full costs of those benefits for up to 30 years