GASB Reporting Standards

The Governmental Accounting Standards Board (GASB) issued two related statements which substantially changed the accounting and financial reporting of pensions for PERA and PERA-affiliated employers. GASB Statement No. 67 (GASB 67), Financial Reporting for Pension Plans, affects the financial statements of PERA and was effective for fiscal years beginning after June 15, 2013. GASB Statement No. 68 (GASB 68), Accounting and Financial Reporting for Pensions, affects financial statements of PERA-affiliated employers and was effective for fiscal years beginning after June 15, 2014.

GASB issued two related Statements which substantially changed the accounting and financial reporting of Other Post Employment Benefit (OPEB) plans for Colorado PERA and PERA-affiliated employers. GASB Statement No. 74 (GASB 74), “Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans” affects the financial statements of PERA and was effective for fiscal years beginning after June 15, 2016. GASB Statement No. 75 (GASB 75), “Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions,” affects certain financial statements of PERA-affiliated employers and was effective for fiscal years beginning after June 15, 2017.

All financial disclosures made by PERA are contained in the audited Annual Comprehensive Financial Report (ACFR) that is published every June.

For questions or more information on the GASB statements, please contact PERA’s GASB workgroup at GASBMail@copera.org.