Governmental Accounting Standards Board (GASB)
In June 2012, the Governmental Accounting Standards Board (GASB) released two new standards relating to pension accounting and financial reporting for state and local governments. The new standards change how pension plan liabilities are accounted for and disclosed in the financial statements of public pension plans and participating employers. These changes are intended to improve pension information and increase the transparency, consistency and comparability of pension information across governments.
The new standards will not affect or alter how public pensions are funded or how your contribution rates are calculated.
Statement No. 67, Financial Reporting for Pension Plans, addresses new financial reporting for State and local government pension plans, including the New York State & Local Retirement System (the System). The System implemented this standard in the fiscal year ending March 31, 2015.
Statement No. 68, Accounting and Financial Reporting for Pensions, affects the financial statements of the System’s employers. Our participating employers are required to implement this standard for fiscal years beginning after June 15, 2014. Implementation timeframes vary depending on the individual employer’s fiscal year end.
Our Governmental Accounting Standards Board (GASB) web application provides the information participating employers need in order to comply with recently revised accounting and financial reporting standards.
Please be assured that the New York State and Local Retirement System is committed to helping our participating employers learn as much as possible about these new accounting standards to assist with implementation. Should you have any questions, please feel free to email us. You may also wish to consult with your own accountant or an independent auditor about these new standards.