GASB 68 Notice
Government Accounting Standards Board (GASB) Statement No. 68 supersedes financial reporting requirements for the State and local governmental employers under GASB Statements No. 27 and No. 50 as they relate to pensions that are provided through the State-administered retirement system. This new statement establishes standards for measuring and recognizing on each participating public employers’ financial statements their allocated share of the plan’s net pension liability (NPL), deferred inflows and outflows, and pension expense. Each participating public employer must begin disclosing the information required under GASB 68 in their financial statements for reporting periods beginning after June 15, 2014.
The GASB 68 audit reports for 2016 reports are being released today for PERS and PFRS so that the calendar year-end reporting employers have the required data necessary to prepare and issue their financial statements for the reporting period ended December 31, 2015. In addition, the GASB 68 reports also include the data that will be required by fiscal year-end reporting employers to prepare and issue their financial statements for Fiscal Year 2016 in compliance with the standard.
The 2016 GASB 68 reports for TPAF, SPRS and JRS will be issued in the coming weeks.
The GASB 68 data for each of the State-administered defined benefit plans was developed by the pension system actuaries and audited by the independent auditing firm, KPMG LLP. These reports, compiled by KPMG, contain the information each participating employer will need to disclose in their financial statements in order to comply with GASB 68. These reports can be viewed at the following link:
2016 GASB 68 Audit Reports
Any questions as to how the information contained in the GASB 68 reports should be reflected in each employer’s financial statements should be referred to that employer’s auditor.
The GASB 68 Actuarial reports can be viewed at the following link:
2016 GASB 68 Actuarial Reports
Please note that GASB statements solely govern financial reporting and disclosure requirements. GASB 68 does not result in a change with respect to the calculation of the pension plan’s statutory assets, liabilities and contribution requirements for the State and local employers.
GASB 68 Notice and Reports for 2015