Implementation of GASB 67
Posted January 16, 2015 in TARC updates
GASB Statement No. 67, which is effective for fiscal years beginning after June 15, 2013, applies to financial reports issued by downstate police and firefighters’ pension funds. If your downstate police and firefighters’ pension fund does not issue separate financial statements, then the information required by GASB Statement No. 67 should be presented in the municipality’s financial statements.
For information on implementing GASB Statement 67, please review the whitepaper developed by the Technical Accounting and Review Committee (TARC).