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GASB Governmental Accounting Standards Board

The Basics

What Are GASB Standards?

The Governmental Accounting Standards Board (GASB) establishes standards to be used by governmental entities in their accounting practices and 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:

Employers with a fiscal year ending June 30, 2019, use the GASB Statement 68 report dated June 30, 2018

Employers with a fiscal year ending December 31, 2018, use the GASB Statement 68 report dated June 30, 2018

Past Presentations

GASB 75 Presentation (July 2018)

Presentation Video (55 minutes)
Slides (PDF, 191KB)

Example of Note Disclosure for Local & School Word, 26KB | PDF, 173K

Example of Note Disclosure for Community College & Tech Schools (Special Funding Situation) Word, 23KB | PDF, 164KB

GASB Workshop II (July 2015)

"GASB 68 Accounting and Financial Reporting for Pensions-Workshop"
Presentation by the audit, tax and advisory firm KPMG, LLP (Sponsored by KPERS)

Presentation Resources

2015 presentation video (24 minutes)


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
Fact Sheets
  • Background - A fact sheet answering frequently-asked questions regarding Statements No. 67 and 68.
  • Cost sharing multiple-employer defined benefit pension plans
  • New Statement Highlights
  • Cost Sharing Employers
  • Note Disclosures and RSI for Employers with Defined Benefit Pensions
Statement 71
  • Summary
  • Full Text
  Helpful Links

Kansas Public Employees Retirement System
611 S. Kansas Ave, Topeka, KS 66603
Toll-free: 1 888 - 275-5737
Email: [email protected]

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