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GASB 67 and 68 Resources

2015 WRS Comprehensive Annual Financial Report (PDF)...

2015 WRS GASB 68 Report for all plans (PDF)...


The Government Accounting Standards Board (GASB) has two new statements that change the accounting rules for local governments that provide pension benefits. According to GASB, the new standards are designed to improve financial reporting performed by state and local government plans, improve transparency and improve standards among accounting for pension plans.

Implementation of GASB 67 and 68 requires WRS to report in detail the current annual funding valuations for each pension plan. As it always has, WRS will continue to provide a funding valuation. In addition, WRS will provide a schedule breaking out employers’ share of the actuarial information that they will need as they adopt GASB 68 in 2015.


GASB 67: Financial Reporting for Pension Plans – This statement establishes new standards for state and local governmental pension plans. This statement replaces the requirements of Statement 25, Financial Reporting for Defined Benefit Pension Plans and Note Disclosures for Defined Contribution Plans, and Statement 50, Pension Disclosures.

GASB 68: Accounting and Financial Reporting for Pensions – This statement creates new accounting and financial reporting requirements for governments that provide their employees with pensions. This statement replaces the requirements of Statement 27.

 

GASB Resources