Governmental Accounting Standards Board

What Are GASB Standards

The Governmental Accounting Standards Board (GASB) creates accounting standards for government employers’ in preparing financial statements. It is the official source of generally accepted accounting principles (GAAP) for state and local governments and affects their ability to have an unqualified financial audit.

GASB does not establish funding standards for governmental retirement plans.

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Who Needs GASB Report?

Changes affect employers using GASB standards to produce their annual financial statements. KPERS encourages employers to consult their auditors, even those that operate on a cash basis.

Do you need a GASB 68 report?
Employers that use GASB standards	Yes. Required.
Employers that use KMAAG standards	Yes. Need NPL* amount for footnotes. See KMAAG Guide.
Employers that use Cash Basis	Encouraged to disclose NPL* in footnotes. Gives clearer picture of financial status and outlook.

*NPL = net pension liability