News Release 11/11/13

GASB TOOLKIT HELPS PENSION PLANS IMPLEMENT NEW ACCOUNTING STANDARDS

Norwalk, CT, November 11, 2013—A new online toolkit designed to help preparers and auditors of state and local government pension plans implement new accounting and financial reporting standards was released today by the Governmental Accounting Standards Board (GASB). The toolkit is available at no cost at the GASB website.

GASB Statement No. 67, Financial Reporting for Pension Plans, revises existing guidance for the financial reports of most pension plans for state and local governments. These plans are required to implement the new accounting standards in fiscal years beginning after June 15, 2013 (that is, for years ending June 30, 2014 or later).

Prepared by the GASB staff, the toolkit includes the following resources:
  • The Guide to Implementation of GASB Statement 67 on Financial Reporting for Pension Plans, an authoritative resource guide
  • A video featuring GASB Chairman David A. Vaudt discussing the top implementation issues facing pension plans
  • A podcast featuring GASB Project Manager Michelle Czerkawski 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
  • A background document answering frequently-asked questions regarding Statement 67 and Statement No. 68, Accounting and Financial Reporting for Pensions
  • A fact sheet answering frequently-asked questions specifically relating to Statement No. 67
  • An article identifying several areas plan administrators and public officials should consider as they plan, prepare, and collaborate when implementing the new standards
  • A “Setting the Record Straight” document addressing common misperceptions about the new pension standards, and
  • The executive summary and the full text of GASB Statement 67.
“Many of our stakeholders have requested additional educational resources to help them implement the new standards,” said GASB Chairman David A. Vaudt. “This toolkit is intended to provide guidance on how plan administrators can effectively comply with the new rules. In the coming weeks, we will add more resources to the toolkit, including short videos from GASB staff highlighting our most-asked implementation questions.”

For more information on GASB’s new pension standards, visit the GASB website.


About the Governmental Accounting Standards Board

The GASB is the independent, not-for-profit organization formed in 1984 that establishes and improves financial accounting and reporting standards for state and local governments. Its seven members are drawn from the Board’s diverse constituency, including preparers and auditors of government financial statements, users of those statements, and members of the academic community. More information about the GASB can be found at its website, www.gasb.org.