GASB Releases Statement 67 Implementation Guide

The Governmental Accounting Standards Board (GASB) has released the Guide to Implementation of GASB Statement 67 on Financial Reporting for Pension Plans. The guide provides questions and answers on how GASB Statement 67 applies in a number of different situations. The implementation guide may be downloaded at

We expect GASB to issue an implementation guide on Statement 68: Employer Accounting and Financial Reporting for Pensions in the first quarter of 2014. Statement 68 is effective for fiscal years beginning after June 15, 2014.

Required Action: Statement 67 is effective for plan years beginning after June 15, 2013. Plan sponsors should review the implementation guide as they make decisions with respect to the new accounting standard.

Cheiron consultants can assist plan sponsors with questions concerning GASB statements 67 and 68.