The Governmental Accounting Standards Board (GASB) is an independent, nonprofit, non-governmental regulatory body charged with setting accounting and financial reporting standards for state and local governments.

Two GASB standards, Statement No. 67 and Statement No. 68, outline how pension plan liabilities are accounted for and disclosed in the financial reporting statements of public pension plans and participating employers. These are intended to improve pension information and increase the transparency, consistency and comparability of pension information across governments.

These accounting standards do not affect or alter how public pensions are funded or how employer contribution rates are calculated.

Rev. 8/24