Assume that a local government is the trustee for the pension assets for its police and fire…

Assume that a local government is the trustee for the pension assets for its police and fire department employees and participates in a statewide plan for all of its other employees. Individual accounts are maintained for all local governments in the statewide plan. Discuss the financial reporting requirements related to pensions for ( a ) police and fire department employees and ( b ) all other employees.