GASB 68 substantially changes the accounting and financial reporting of pensions for CalPERS and CalPERS employers.
To assist local governments in implementing this new standard, The California Committee on Municipal Accounting, a joint committee comprised of representatives of the League of California Cities and the California Society of Certified Public Accountants, has published a white paper. This valuable guide is available at www.cacities.org/GASB68-ImplementationGuide
. Sample journal entries and CAFR footnote disclosures are included and will be invaluable to finance staff charged with implementation.
With GASB 68, the Government Accounting Standards Board is supporting an important fiscal policy objective by providing additional transparency with regard to local government pension obligations within government financial statements.