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NYS Comptroller

Thomas P. DiNapoli

Governmental Accounting Standards Board (GASB)

About Statement No. 67

Governmental Accounting Standards Board (GASB) Statement No. 67 Adobe pdf, Financial Reporting for Pension Plans, defines the way public pension plans calculate and report the Net Pension Liability. It was issued in 2012 and was effective for pension systems with fiscal years beginning after June 15, 2013.

The New York State & Local Retirement System (the System) implemented GASB Statement No. 67 in Fiscal Year Ending March 31, 2015.

Here are three important things to keep in mind about GASB Statement No. 67:

  • It establishes accounting and reporting standards for public pension systems, replacing GASB Statement No. 25 and Statement No. 50,
  • It mandates new footnote and required supplementary information disclosures, and
  • It will have no impact on the System’s Statement of Plan Net Position or Statement of Changes in Plan Net Position.

For more information on Statement No. 67, visit the GASB website.

(Rev. 7/15)