GASB Reporting Standards

The Governmental Accounting Standards Board (GASB) issued two new statements that will change the way a public retirement system like Colorado PERA discloses its pension information. All financial disclosures made by PERA are contained in the audited Comprehensive Annual Financial Report (CAFR) that is published every June.

Statement No. 67, Financial Reporting for Pension Plans, affects the financial statements in Colorado PERA’s CAFR. This new statement replaces the requirements of the existing Statement No.25, Financial Reporting for Defined Benefit Pension Plans and Note Disclosures for Defined Contribution Plans, and is effective for fiscal years beginning after June 15, 2013. PERA will include these new requirements in the year-end 2015 CAFR.

Statement No. 68, Accounting and Financial Reporting for Pensions, affects the financial statements of Colorado PERA-affiliated employers. PERA is a cost-sharing multiple-employer defined benefit pension plan and serves as the retirement plan for more than 500 public employers in Colorado. Statement No. 68 replaces the requirements of Statement No. 27, Accounting for Pensions by State and Local Governmental Employers. This reporting requirement applies to Colorado PERA-affiliated employers and is effective for fiscal years beginning after June 15, 2014.

Both Statement Nos. 67 and 68 replace the requirements of Statement No. 50, Pension Disclosures.

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

GASB Links

Video Presentation PDFs

Other Resources

GASB 68: Governing Board Message

Governing Board Message

Overview of GASB 68

Overview of GASB Pension Statements for Cost-Sharing Plans

GASB 68: A New GASB Approach

A New GASB Approach

GASB 68: Types of Pension Plans

Types of Pension Plans

GASB 68: Measurement Date vs. Reporting Date

Measurement Date vs. Reporting Date

GASB 68: Calculating the Collective Net Pension Liability

Calculating the Collective Net Pension Liability

GASB 68: Determination of a Discount Rate

Determination of a Discount Rate

GASB 68: Collective Deferrals - A Smoothing Mechanism

Collective Deferrals - A Smoothing Mechanism

GASB 68: Collective Pension Expense

Collective Pension Expense

GASB 68: Employer Proportion and Proportionate Share

Employer Proportion and Proportionate Share

Employer-Level Deferrals and Pension Expense

Employer-Level Deferrals and Pension Expense

Required Supplementary Information

Required Supplementary Information