The Governmental Accounting Standards Board (GASB) is the independent organization that establishes and improves standards of accounting and financial reporting for U.S. state and local governments. TRSL complies with GASB standards in the preparation of its accounting and financial reports.
In 2012, GASB issued two new standards, Statements No. 67 and No. 68. These statements revised the existing financial reporting standards for most pension plans and their participating employers, essentially requiring (1) separate public pension accounting for financial reporting, and (2) employer financial statements to include a net pension liability.
For fiscal years beginning after June 15, 2014, employers will be required to implement these new accounting and financial reporting standards.
NOTE: These new standards are for reporting purposes only, and do not impact employer funding requirements.
The goal of the new statements is to standardize the way in which pension systems and their participating employers value their assets and liabilities, thereby creating greater transparency.
Need more information?
GASB 67 information
GASB 68 information
TRSL resources for employers
Contact TRSL about GASB
Official GASB website