Skip to Content

Office of the New York State Comptroller’s Seal

NYS Comptroller

Thomas P. DiNapoli

Governmental Accounting Standards Board (GASB)

About Statement No. 68

Governmental Accounting Standards Board (GASB) Statement No. 68 Adobe pdf, Accounting and Financial Reporting for Pensions, requires employers participating in the plans to report expanded information concerning pensions in their financial statements, as well as their proportionate share of the Net Pension Liability effective for fiscal years beginning after June 15, 2014.

Here are two important things to keep in mind about GASB Statement No. 68, which replaces GASB Statement No. 27 and Statement No. 50 as the reporting standards for employers.

  • It does not impact funding — contributions will continue to be based on actuarially determined rates, and
  • It requires employers to recognize their proportionate share of the collective Net Pension Liability in their financial statements, as well as pension expense and deferred inflows and outflows of resources.

Please feel free to consult this implementation chart if you need help figuring out when you are required to implement GASB Statement No. 68.

For more information on Statement No. 68, visit the GASB website.

(Rev. 7/15)