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August 2, 2012

US GASB pension standards go live

The Governmental Accounting Standards Board (GASB) has issued two pensions standards for use by US state and local governments that provide defined benefit pensions.

The standard, Statement No. 67 – Financial Reporting for Pension Plans, which revises existing guidance for the financial reports of most pension plans and Statement No. 68 – Accounting and Financial Reporting for Pensions, which revises and establishes new financial reporting requirements for most governments that provide their employees with pension benefits are both now available online.

Both standards were approved by the standard setter in June.

The provisions in Statement 67 are effective for financial statements for periods beginning after 15 June 15 2013 while the provisions in Statement 68 are effective for fiscal years beginning after 15 June 2014. Earlier application is encouraged for both.

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US GASB approves public pension reporting standards

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