New GASB Accounting 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 2014 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.

 

PERA has put together a website that explains the new GASB accounting standards in greater detail. Vist it by clicking here