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1200 East Main Street
Richmond, VA 23219

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 > Governmental Accounting Standards Board (GASB) Resources

Governmental Accounting Standards Board (GASB) Resources

The Code of Virginia requires each public employee retirement system to publish an annual report that contains financial statements prepared in accordance with GASB standards.

GASB Statements No. 67 and No. 68 substantially changed the accounting and financial reporting requirements for public pension systems. Additional changes and clarifications were provided in GASB Statements No. 73 and 82.

Pensions

OPEB (Other Post-Employment Benefits)

GASB Statements No. 74 and 75 provide similar revised reporting for other post-employment benefit (OPEB) plans and employers who participate in those plans. For VRS, the OPEB plans include group life, retiree health insurance credit, Virginia Sickness & Disability Program (VSDP), Virginia Local Disability Program (VLDP) and the Line of Duty Act (LODA).

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