Financial Reporting - Pensions
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Positive Net Pension Obligations (NPO) occurs when:
Employers fail to fully fund annual required contributions (ARC)
How must positive net pension obligations be reported in government wide financial statement:
As a long term liability
Negative Net Pension Obligations occurs when:
annual required contributions are overfunded
How must negative net pension obligations be reported in government wide financial statements:
As a asset
Debt issued to fund annual required contributions reduces
Net pension obligations
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