The discount rate represents a critical choice in accounting for corporate defined-benefit pension plans due to the long-term nature of pension liabilities. U.S. GAAP and IFRS mandate the AA corporate bond rate. Their requirement is subject to much debate, with the risk-free rate and the...

The Governmental Accounting Standards Board (GASB, 1987, p. 12) has identified bond investors as a primary user group of government financial reports and is currently active in setting standards for pension accounting and reporting (GASB, 1986, 1988; lves, 1988). However, relatively little is known...

We examine whether unfunded public pension liabilities are associated with citizen oversight through legislative and electoral means in local governments. Our focus on municipal pension plans is timely and relevant, given the prevalence of underfunded pension plans and GASB's recently issued...