GASB stands for the Governmental Accounting Standards Board, the governing body setting best practices for public sector accounting. GASB issues "statements" that set standards for financial reporting.
GASB 68 is a new requirement that changes the way government entities that offer defined benefit plans report pension liabilities. The statement does not apply to post employment health benefits (GASB 45 and 75).
Though a government entity’s pension numbers may seem different under the new requirement, the financial situation of the retirement plan has not changed.
Here are resources to Learn, Collaborate, prepare to Communicate, and Implement GASB 68.
- Implementation Timeline (pdf)
- Implementation Guides
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