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Statement No. 68, Accounting and Financial Reporting for Pensions (GASB 68)

GASB 68 affects employers that participate in public pension plans, requiring them to recognize their proportionate share of the collective net pension liability in their financial statements. GASB 68 becomes effective for TRSL participating employers for fiscal years beginning after June 15, 2014.
 
Overview
  • Replaces the accounting and financial reporting requirements of Statement No. 27, Accounting for Pensions by State and Local Governmental Employers, and Statement No. 50, Pension Disclosures.
  • Establishes pension reporting standards for employers participating in public pension plans
  • Requires employers to recognize their proportionate share of the collective net pension liability in their financial statements*
  • Establishes recognition of deferred inflows/outflows of resources depending on changes in the net pension liability*
  • Provides a new definition of pension expense (or income)*
Accounting and Financial Reporting for Pensions (GASB 68)
Full Text Summary Implementation Guide
 

Need more information?
 
  GASB overview
  GASB 67 information
  TRSL resources for employers
  Contact TRSL about GASB
  Official GASB website