GASB 67 and GASB 68

The Government Accounting Standards Board (GASB) has issued new reporting requirements that will affect the reporting requirements for audits of Pension Plans (Fire Relief Associations) and audits of employers with Pension Plans (the City).  GASB 67 is the statement that affects the Pension Plan.  GASB 68 is the statement that affects the accounting for the pension plan by the employer (the City). 

The effective date of GASB 67 would be for the 12/31/2014 year end.  If the City Fire Department’s Relief Association meets the requirement for an audit, there will be additional reporting and disclosure requirements.

The effective date of GASB 68 would be for the 12/31/2015 year end.  All Cities will be affected by this requirement, unless there is no Fire Relief Association and no PERA reporting.  The statement will require additional reporting and disclosure of information which will be obtained from PERA related to the PERA plan.  In addition, there would be additional disclosure and reporting requirements related to the Fire Relief Associations Defined Benefit Plan. 

 If you have any questions or want any further guidance on GASB 67 and GASB 68, feel free to contact us