Governments should report the net pension liability in the governmental fund basis statements even if it is not expected to be paid from current financial resources.
Answer the following statement true (T) or false (F)
False
The net pension liability is the amount that a government anticipates paying to current employees in the future in excess of the resources currently accumulated for that purpose. The government-wide Statement of Net Position reports the net pension liability for employees engaged in governmental and business-type activities. The General and other governmental funds do not recognize long-term obligations. Governmental funds should report a liability for pensions in the fund-basis statements only to the extent the liability is expected to be paid with current financial resources.
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