GASB 67 and 68


GASB 68 Update: August 10, 2018

The GASB 68 employers' reports, systemwide report and Legislative Audit Division opinion are available on the GASB 68 Reports - 2018 page.


What is GASB?

The Governmental Accounting Standards Board (GASB) is an independent organization that establishes standards of accounting and financial reporting for U.S. state and local governments. GASB was established in 1984 by national associations of state and local government officials and the Financial Accounting Foundation (FAF). It is recognized as the official source of general accepted accounting principles (GAAP) for state and local governments. GASB is not a government entity; it is a component of the FAF – a non-profit entity – and does not have enforcement authority. Compliance with standards is enforced through state laws and the audit process.


GASB 67 and GASB 68 standards

GASB released these new standards in June 2012 for revised accounting and financial reporting related to public pension plans. These changes had significant impact on financial reporting requirements for TRS and employers who report to TRS.

  • Statement 67
    • Amended Statement 25 and set the standards for the financial statements of public pension plans that administer benefits. This statement relates only to TRS, not to employers who report to TRS. Statement 67 took effect for fiscal year 2014 (July 1, 2013 - June 30, 2014).
  • Statement 68
    • Amended Statement 27 and set the standards applicable to state and local governments that provide pension benefits through public pension plans such as TRS. Statement 68 took effect for fiscal year 2015 (July 1, 2014 - June 30, 2015) and relates to most employers who report to TRS.

Background & Employer Resources

Prior to implementation of Standards 67 and 68, TRS worked with the Montana Department of Administration Accounting Division, Montana Public Employee's Retirement Administration (MPERA), Office of Public Instruction (OPI), and other state pension systems to develop pertinent information for employers who report to TRS.

GASB 68 implementation series – Guidance prepared for employers by TRS and MPERA

  1. Background (pdf)
  2. Types of Plans (pdf)
  3. Measurement and Reporting Dates (pdf)
  4. Net Pension Liability (pdf)

Memos issued prior to GASB changes

Additional information from GASB

  • GASB Statements count be found at this link. Please scroll down to see the different standards including full text, summary, and status information.
  • The GASB Implementation Toolkit can be found here. The toolkit provides video overviews, fact sheets, and articles produced by GASB prior to implementing the new standards.
  • Implementation Guides can be found at this link. The implementation guide for Statement 68 was issued in January 2014.

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