WASHINGTON - The Governmental Accounting Standards Board unveiled a pension accounting proposal Friday that would fundamentally alter how state and local governments report pension liabilities.

In an eight-page draft overview, GASB said it had approved the proposed standards, dubbed exposure drafts, which would lead to “significant improvements” in the usefulness of pension information. In a departure from earlier guidance, published as preliminary views in June 2010, the accounting-standards setter released separate documents — one for reporting by government employers that provide pension benefits and a second for pension plans that administer the benefits. The preliminary views focused only on reporting by employers.

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