MEDIA ADVISORY 08/02/12
The GASB’s New Pension Standards Are Now AvailableNorwalk, CT, August 2, 2012—The Governmental Accounting Standards Board (GASB) today published standards intended to improve the accounting and financial reporting of public employee pensions by state and local governments. The two pronouncements, which were approved on June 25, are available to download at no charge on the GASB website.
Statement No. 67, Financial Reporting for Pension Plans, revises existing guidance for the financial reports of most pension plans.
Statement No. 68, Accounting and Financial Reporting for Pensions, revises and establishes new financial reporting requirements for most governments that provide their employees with pension benefits.
A news release announcing the new standards and a plain-language description of the new standards also are available on the GASB website.
The provisions in Statement 67 are effective for financial statements for periods beginning after June 15, 2013. The provisions in Statement 68 are effective for fiscal years beginning after June 15, 2014. Earlier application is encouraged for both Statements.
Bound, hard copies of the Statements will be available for purchase in mid-August via the GASB Store.
About the Governmental Accounting Standards Board
The GASB is the independent, not-for-profit organization formed in 1984 that establishes and improves financial accounting and reporting standards for state and local governments. Its seven members are drawn from the Board’s diverse constituency, including preparers and auditors of government financial statements, users of those statements, and members of the academic community. More information about the GASB can be found at its website, www.gasb.org.