GASB views pension benefits as a form of compensation promised by governments to their employees in exchange for work performed. According to GASB, the government is primarily responsible for the remaining unfunded portion of the obligation. The unfunded portion of the pension should be reported as a net pension liability in the financial statements of the government.
Evaluate the GASB's views regarding how the total pension liability should be measured and whether or not you support these views? Explain your rationale.
Explain why state and local pension experts oppose GASB's proposed treatment and evaluate the validity of these arguments. Explain.