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The Governmental Accounting Standards Board (GASB) has published standards intended to improve the accounting and financial reporting of public employee pensions by state and local governments. The new standards are Statement No. 67, Financial Reporting for Pension Plans, which revises existing guidance for the financial reports of most pensions plans; and Statement No. 68, Accounting and Financial Reporting for Pensions, which revises and establishes new financial reporting requirements for most governments that provide their employees with pension benefits.

The new standards were released June 25. A news release announcing the new standards and plain-language descriptions of the new standards also are available on the GASB website.


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