In 2012, the Governmental Accounting Standards Board (GASB) released new accounting standards for public pension plans and participating employers, GASB Statements No. 67 and 68. This PERiScope article examines the impact these new accounting standards have on the pension expense and balance sheets of both pension plans and participating employers. In addition, the article explores roll-forward procedures that can be used to project plan liabilities from the valuation date to the measurement date.