The Governmental Accounting Standards Board (GASB) is an organization whose main purpose is to improve and create accounting reporting standards or generally accepted accounting principles (GAAP). These standards make it easier for users to understand and use the financial records of both state and local governments.
GASB approved two new standards in June 2012 that will impact PERS and its participating employers. PERS has compiled resources on this page to assist accounting and financial administrators with the implementation of the new standards.
GASB 67 will change the accounting and financial reporting of PERS and other public employee public pension plans starting in fiscal years commencing after June 15, 2013--that is, fiscal years ending June 30, 2014 and later. GASB 68 will change financial reporting of participating state and local governments beginning in fiscal years commencing after June 15, 2014--that is, fiscal years ending June 30, 2015 and later.
The following are links to resources located on the GASB website.
GASB "Plain Language" statement on new pension reporting standards
GASB general Q&A on new pension standards
GASB Q&A "Setting the record Straight" on new pension standards
GASB 67 Full Text Summary
Acceptance of Use page
Pension Transition for Contributions Made Subsequent to the Measurement Date
Pension Funding: A Guide for Elected Officials