Governmental Accounting Standards Board
What Are GASB Standards
The Governmental Accounting Standards Board (GASB) creates accounting standards for government employers’ in preparing financial statements. It is the official source of generally accepted accounting principles (GAAP) for state and local governments and affects their ability to have an unqualified financial audit.
GASB does not establish funding standards for governmental retirement plans.
Who Needs GASB Report?
Changes affect employers using GASB standards to produce their annual financial statements. KPERS encourages employers to consult their auditors, even those that operate on a cash basis.
|Do you need a GASB 68 report?|
|Employers that use GASB standards||Yes. Required.|
|Employers that use KMAAG standards||Yes. Need NPL* amount for footnotes. See KMAAG Guide.|
|Employers that use Cash Basis||Encouraged to disclose NPL* in footnotes. Gives clearer picture of financial status and outlook.|
*NPL = net pension liability
Your Fiscal Year Determines which report you need:
|Fiscal Year Ends||Use This Report|
|June 30, 2022||GASB 68 Report, dated June 30, 2022|
|December 31, 2022||GASB 68 Report, dated June 30, 2022|
GASB 75 Presentation (July 2018)
Example of Note Disclosure: Local & School (PDF)
Example of Note Disclosure: Community College & Tech Schools (Special Funding Situation) (PDF)
GASB 68 Accounting and Financial Reporting for Pensions-Workshop
Presentation by the audit, tax and advisory firm KPMG, LLP (Sponsored by KPERS)
GASB Workshop II (July 2015)
Slides (Part 1) - Presentation slides
Slides (Part 2) - Special funding and note disclosure.
Exercise Handouts - Journal Entry
Example of Note Disclosure for School District
Example of Note Disclosure for Community College (Special Funding Situation)
Tools for Implementation
GASB’s pension implementation toolkit assists governments in implementation on Statement No. 68 and Statement No. 71. Additional resources will be added as they become available.
Documents in the Toolkit that are important to KPERS employers and their auditors:
|Guide to Implementation of GASB Statement 68 on Financial Reporting for Pensions|
Background - A fact sheet answering frequently-asked questions regarding Statements No. 67 and 68.
Cost sharing multiple-employer defined benefits pension plans
New Statement Highlights
Cost Sharing Employers
Note Disclosures and RSI for Employers with Defined