The Governmental Accounting Standards Board (GASB) is an independent organization that establishes and improves standards of accounting and financial reporting and is recognized as the official source of generally accepted accounting principles (GAAP) for U.S. state and local governments.
In June 2012, GASB issued Statements 67 and 68, which change the accounting and financial reporting for public pension plans and employers who participate in those plans. The new statements separate the accounting and financial reporting requirements for employer financial statements from the funding policies used by the pension plan to determine the annual contribution rates.
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