GASB Pension Standards

The Governmental Accounting Standards Board (GASB) has issued two statements on financial reporting of pensions by state and local governments: Accounting and Financial Reporting for Pensions and Financial Reporting for Pension Plans. The documents amend the existing pension standards to improve how the costs and obligations associated with the pensions that governments provide to their employees are calculated and reported.

Governmental Accounting Standards Board (GASB) Documents 

• Project page
• GASB's New Pension Standards: Setting the Record Straight 
  10/16/12 (New)
• GASB Pension Revamp Introduces Major Improvements, The User's Perspective, Summer 2012 (New)
• GASB Statement No. 67: Financial Reporting for Pension Plans (an amendment of GASB Statement No. 25) [PDF], 8/2/12 
• GASB Statement No. 68: Accounting and Financial Reporting for Pensions (an amendment of GASB Statement No. 27) [PDF], 8/2/12
• New GASB Pension Statements to Bring About Major Improvements in Financial Reporting (Plain Language Article), 6/12
• GASB Improves Pension Accounting and Financial Reporting Standards, news release, 6/25/12
• GASB Proposes Major Improvements for Pension Reporting, news release, 7/8/11
• Financial Reporting for Pension Plans, an amendment of GASB Statement No. 25 [PDF], GASB Exposure Draft, 7/8/11
• Accounting and Financial Reporting for Pensions, and amendment of GASB Statement No. 27 [PDF], GASB Exposure Draft, 7/8/11
• Plain-Language Supplement [PDF], 7/8/11
• GASB Issues Preliminary Views on Potential Improvements to Pension Standards, news release, 6/16/10
• Preliminary Views: Plain-Language Supplement [PDF], 6/16/10
• Fact Sheet [PDF], 6/16/10  

Economic Condition Reporting: Financial Projections (projections of financial obligations to include bonds, pensions, other postemployment benefits, and long-term contracts), 12/6/11 

• News release
• Preliminary Views document
• Plain-language article
• Podcast
• Project page

News and Analysis

• GASB Issues New Pension Standards for State and Local Governments
  PricewaterhouseCoopers, 12/3/12 (New)
• Gearing Up to Comply with GASB's New Accounting Standards for Public Sector Pension Plans and Sponsoring Employers, Segal, December 2012 (New)
• The GASB's New Pension Accounting and Financial Reporting Standards, Gabriel Roeder Smith & Co. 10/12
• Some public pension execs worry new GASB rule will add fuel to fire, Pensions & Investments, 10/1/12
• GASB 67/68: New Accounting Standards for Public Pension Plans [PDF], Milliman, 9/26/12 
• GASB Approves New Pension Accounting and Reporting Standards [PDF], Gabriel Roeder Smith & Co., 7/20/12 
• GASB Adopts Extensive Revisions of Accounting Standards for Public Retirement Systems, Buck Consultants, 7/11/12
• GASB Approves New Accounting Standard for Pension Plans, Cheiron, 6/27/12
• GASB vote places unfunded pension liabilities on government balance sheets, Journal of Accountancy, 6/25/12
• Public Pensions Face Wider Deficits Under New Rules, Bloomberg, 6/25/12 
• New rules may make public pensions appear weaker, Reuters, 6/25/12 
• How Would GASB Proposals Affect State and Local Pension Reporting? [PDF], Center for Retirement Research at Boston College, June 2012
• Steps for Determining the Net Pension Liability and Pension Expense [PDF], Gabriel Roeder Smith & Co., 6/7/12 
• GASB rules have pension execs prepping own accounting standard, Pensions & Investments, 6/5/12 
• GASB Simplifies Accounting for State Retirement System Liabilities, But Will Still Require Participating Employers to Include Apportioned Liabilities on Financial Statements [PDF], Groom Law Group, 5/15/12 
• The Impact of GASB Public Accounting Proposals on Employers Participating in State Retirement Systems - Employers May Need to Prepare for Substantial Additional Accounting Requirements, Groom Law Group, 12/5/11 
• GASB calls for more disclosure of state, local government pension obligations, Pensions & Investments, 12/6/11
• How Would GASB Proposals Affect State and Local Pension Reporting? [PDF], Center for Retirement Research at Boston College, November 2011
• GASB 27 Exposure Draft on Employer Accounting and Financial Reporting for Pensions: A Detailed Advisory [PDF], Cheiron, Fall 2011
• GASB 25 Exposure Draft on Financial Reporting for Public Pension Plans: A Detailed Advisory [PDF], Cheiron, Fall 2011
• Groups urge GASB to slow down, Pensions & Investments, 10/17/11
• Pension Accounting for Governments -- Changes are Coming [PDF], PricewaterhouseCoopers, 10/13/11
• GASB Exposure Drafts on Pension Accounting and Financial Reporting (Amendments to GASB 25/27): Exploring the Proposed Changes for Cost-Sharing Employers and Governmental Nonemployer Contributing Entities [PDF], Milliman, October 2011
• GASB extends comment deadline for rule, Pensions & Investments, 9/27/11 
• GASB Exposure Drafts on Pension Accounting and Financial Reporting (Amendments to GASB 25/27): Exploring the Proposed Changes for Single Employers [PDF], Milliman, September 2011
• GASB Issues Proposals to Revamp Governmental Pension Plan Accounting [PDF], Groom Law Group, 8/24/11
• GASB’s Exposure Draft on Proposed Changes to Pension Accounting Standards for Public Sector Employers, Segal, August 2011 
• GASB Issues Exposure Drafts of Amended Standards for Public Retirement Systems [PDF], Buck Consultants, 8/2/11 
• GASB's Exposure Drafts on New Public Pension Accounting Released July 8, 2011: New Rules Eliminate ARC and Disclose Pension Liability on Balance Sheet, Cheiron, July 2011 
• The GASB's Exposure Drafts on Pension Accounting and Financial Reporting [PDF], Gabriel Roeder, July 2011
• GASB Preliminary Views on Pension Reporting Point to Radical Shift in Accounting Practices [PDF], Cheiron, Summer/Fall 2010 
• GASB's Preliminary Views on New Pension Accounting Rules [PDF], Milliman, July 2010
• The GASB’s Preliminary Views on Pension Accounting and Financial Reporting by Employers [PDF], Gabriel Roeder, July 2010