GASB Information

GASB Information

Governmental Accounting Standards Board (GASB) set standards for pension accounting.

• Statement 67 defines the actuarial approach for the Plan to measure total employer pension liability.
• Statement 68 outlines employer requirements, recognizing a portion of the fund’s net pension liability on the balance sheet. Plans and employers use the same assumptions to measure and report similar or related information.

NMERB administers the cost sharing multi-employer Plan, and

• engages an actuary to calculate GASB 67 total pension liability,
• provides audited Schedule of Employer Allocations and Pension Amounts including NPL, expense, and deferrals on employer by employer basis, with appropriate, reliable & verifiable disclosure information.

 
Employers implement GASB 68 by

• establishing the new reporting process and controls,
• reporting amounts on the face of their financials,
• including appropriate and reliable information in financial statement notes,
• evaluate and handle their individual facts and circumstances.

 
See also the Employer section of this website for additional GASB information and the Actuarial Reports section of this website for annual GASB 67 & 68 actuarial reports.

GASB 68 Implementation
Guide for Employers

GASB 68 Journal Entry Tool for Employers

GASB 68 Employer Allocation Reports

Resources

Instruction/Training