Governmental Accounting Standards Board (GASB)
The Governmental Accounting Standards Board (GASB) is an organization whose main purpose is to improve and create accounting reporting standards or generally accepted accounting principals (GAAP). These standards make it easier for users to understand and use the financial records of both state and local governments.
GASB approved two new standards in June 2012 that will impact the Vermont State Retirement System and its participating employers. The State Treasurer's Office has compiled resources on this page to assist accounting and financial administrators with the implementation of the new standards.
GASB 67 will change the accounting and financial reporting of the Vermont State Retirement System and other public employee public pension plans starting in fiscal years commencing after June 15, 2013--that is, fiscal years ending June 30, 2014 or later. GASB 68 will change financial reporting of participating state and local governments beginning in fiscal years commencing after June 15, 2014--that is, fiscal years ending June 30, 2015 or later.
The following are links to resources located on the GASB web site.
- GASB "Plain Language" statement on new pension reporting standards
- GASB general Q&A on new pension standards
- GASB Q&A "Setting the Record Straight" on new pension standards
- GASB 67 Fact Sheet
- GASB 67 Full Text Summary
- GASB 68 Full Text
- GASB 68 Summary Statement
- Implementation Guides for GASB 67 and 68
- GASB 67 Tool Kit
Issues and resources, including white papers, on cost-sharing multiple-employer plans (VMERS and VSTRS).
Pension Funding: A Guide for Elected Officials
This report, from the Pension Funding Task Force of 2013, provides a brief history of pension funding, examines policy development and GASB's new approach.
Public Employee Pension Accounting Overview (for municipal systems)
This presentation by State Treasurer Beth Pearce was made at a Governmental Accounting and Auditing Symposium in June 2013.
New GASB Accounting Standards: Statements 67 and 68
This presentation is from the State's consulting actuary, David Driscoll of Buck Consultants, and was made in July 2013.
Pension Reporting for Local Governments: Getting Ready for GASB Changes
A presentation made by Vermont State Treasurer Beth Pearce made at the VTGFOA workshop in June 2014.