How is CalSTRS communicating the potential, unintended consequences new GASB accounting standards may have on school employers?
On October 13, 2011, CalSTRS along with a number of our stakeholders participated in GASB’s public hearing and formally recommended the Board to suspend adoption of the Exposure Drafts as they are currently written until more appropriate accounting standards can be implemented.
Meantime, CalSTRS is in dialog with our stakeholders and will be conducting informational meetings to further educate school employers. We will be posting information on our website and further encourage our stakeholders to continue to submit comments to GASB.
It’s important to keep in mind that GASB’s proposed rules will not increase or change the actual funding shortfall of $56 billion which only the Governor and Legislature have the authority to develop a plan to address.