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February 7, 2025 | kspers.gov | employers@kspers.gov |
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Employer Update
GASB 68 Report Available Now for Fiscal Year 2024 |
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What Is GASB 68?
Employers that use Governmental Accounting Standards Board (GASB) standards for financial reporting will record their share of pension costs and obligations in their financial statements. GASB 68 provides the information needed for their statements. |
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Who Needs the GASAB 68 Report?
If you are unsure about what to do with the KPERS GASB 68 FY2024 report, talk to your accountant or auditor. |
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Employers that use GASB standards
Yes. Required. |
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Employers that use KMAAG standards
Yes. Need net pension liability (NPL) amount for footnotes. See 2024 KMAAG Guide. |
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Employers that use Cash Basis
Encourages to disclose NPL in footnotes. Gives clearer picture of financial status and outlook. |
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Your Fiscal Year Is Key
Measurement dates are set by fiscal year. Your employer’s fiscal year determines which GASB 68 report you need.
The GASB 68 standard requires that the information reported not be earlier than twelve months before your fiscal year end. |
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Where to Go for Help
KPERS has a GASB resource page online. There are workshop videos. You can also review and download the presentation slides. We have also posted sample exercises to illustrate the entries needed to set up the net pension liability in your accounting records and a sample of the new footnote disclosures. |
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What to Do Next
If your fiscal year is January 1, 2024, through December 31, 2024, send the KPERS GASB 68 FY2024 report to your accountant or auditor. |
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Questions?
Email: kpersFS@kspers.gov
Toll-free: 1-844-468-8929
In Topeka: 268-6886 |
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