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Statement No. 67, Financial Reporting for Pension Plans (GASB 67)

GASB 67 affects TRSL financial statements and note disclosures for the fiscal year ending June 30, 2014, and will be reflected in the 2014 TRSL Comprehensive Annual Financial Report (CAFR). GASB 67 became effective for fiscal periods beginning after June 15, 2013.
  • Replaces the requirements of Statement No. 25, Financial Reporting for Defined Benefit Pension Plans and Note Disclosures for Defined Contribution Plans, and Statement No. 50, Pension Disclosures.
  • Establishes accounting and reporting standards for public pension systems that are separate from the funding approach through new note disclosures and required supplementary information
  • Standardizes actuarial valuation practices to enhance comparability for similar types of pension plans by requiring use of the entry age normal attribution method for all plans
  • Defines the pension system information to be provided to the participating employers of pension plans
Financial Reporting for Pension Plans (GASB 67)
Full Text Summary Implementation Guide
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