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Questions and Answers About the Governmental Accounting Standards Board (GASB) (PDF)

"The Governmental Accounting Standards Board or GASB is an independent, private-sector, not-for-profit organization that -- through an open and thorough due process -- establishes and improves standards of financial accounting and reporting for U.S. state and local governments. Governments and the accounting industry recognize the GASB as the official source of generally accepted accounting principles (GAAP) for state and local governments."

Text of Governmental Accounting Standards Board's 'Preliminary Views' on Reporting and Accounting for Pension Obligations (PDF)

51 pages. Excerpt: The objective of this Preliminary Views is to present the Board's current views on what it believes are the most fundamental issues related to employer recognition and measurement of pensions in order to obtain comments from constituents before developing more detailed proposals for changes to existing standards. The views put forth in the chapters that follow generally are discussed as principles or concepts rather than as detailed potential requirements.

GASB White Paper: Why Governmental Accounting and Financial Reporting Is -- and Should Be -- Different

"Although state and local governments in the United States have had separate standards for over 100 years, occasionally the question is raised: Why can't general purpose governments (cities and counties, for example) simply apply the standards established for business enterprises?1 The following questions and answers briefly address that issue, and the accompanying paper and its appendixes provide an expanded discussion."

GASB Improves Pension Accounting and Financial Reporting Standards

"The Governmental Accounting Standards Board (GASB) [on Monday, June 25, 2012] voted to approve two new standards that will substantially improve the accounting and financial reporting of public employee pensions by state and local governments. Statement No. 67, Financial Reporting for Pension Plans, revises existing guidance for the financial reports of most pension plans.... Statement 68 requires governments providing defined benefit pensions to recognize their long-term obligation for pension benefits as a liability for the first time, and to more comprehensively and comparably measure the annual costs of pension benefits.... The Statement calls for immediate recognition of more pension expense than is currently required.... The Statement also will improve the comparability and consistency of how governments calculate the pension liabilities and expense. These changes include: ..."

GASB Toolkit Helps State and Local Governments Implement New Accounting Standards

"The toolkit is designed to help preparers, auditors, and users of state and local government financial reports understand and apply the revised pension accounting and financial reporting standards that the GASB approved in June 2012. The toolkit is available at no cost at the GASB website."

GASB Toolkit Helps State and Local Government Pension Plans Implement New Accounting Standards

"[T]he toolkit includes the following resources: ... [1] [An] authoritative resource guide; [2] A video ... discussing the top implementation issues facing pension plans; [3] A podcast ... discussing the types of pension plans that will be affected by Statement 67 and the most significant changes to accounting and financial reporting for pension plans; [4] A background document answering frequently-asked questions ... [5] A fact sheet answering frequently-asked questions ... [6] An article identifying several areas plan administrators and public officials should consider as they plan, prepare, and collaborate when implementing the new standards; [7] A ... document addressing common misperceptions about the new pension standards, and [8] The executive summary and the full text of GASB Statement 67."

Text of GASB Implementation Guide for Statement 68: Accounting and Financial Reporting for Governmental Pensions

210 pages. Excerpt: "This Implementation Guide is intended to serve as a reference and an instructional tool. It is designed to help readers in applying the provisions of Statement No. 68, Accounting and Financial Reporting for Pensions, which was approved in June 2012.... The questions and answers are based on constituent responses to the Preliminary Views and the Exposure Draft that led to the Statement, Board deliberations, technical inquiries arising since the issuance of the Statement, and insight by both the GASB staff and the guide's advisory committee."

GASB Releases New Standards for Public Employee Pension Plans

"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."

GASB Reconciles Disclosure Requirements for Governmental Pension and OPEB Reporting (PDF)

Excerpt: In view of progress made in disclosure requirements for state and local governments on retiree health insurance and other postemployment benefits (OPEB), the Governmental Accounting Standards Board (GASB) has brought those same improvements to reporting for pension costs and obligations.

Text of GASB Proposed Exposure Draft: Accounting and Financial Reporting by Governmental Employers, Regarding Postemployment Benefit Plans Other Than Pension Plans (PDF)

"This proposed Statement would replace the requirements of Statements No. 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions, as amended, and No. 57, OPEB Measurements by Agent Employers and Agent Multiple-Employer Plans, for OPEB. A related proposed Statement, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans, would establish new accounting and financial reporting requirements for OPEB plans. The scope of this proposed Statement addresses accounting and financial reporting for OPEB that is provided to the employees of state and local governmental employers."