GASB proposes OPEB implementation guidance

By Ken Tysiac

GASB would provide answers to more than 150 questions about other post-employment benefit (OPEB) plan accounting in a newly proposed implementation guide.

An exposure draft issued Tuesday for state and local government accounting would clarify, explain, and elaborate on the requirements of GASB Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans.

Statement No. 74 was issued in June 2015 to provide more transparency with respect to OPEB, which primarily consists of retiree health insurance benefits and represents a significant financial liability for many state and local governments.

The ED of the implementation guide is available on GASB’s website; comments can be submitted to director@gasb.org through Dec. 19.

Ken Tysiac (ktysiac@aicpa.org) is a JofA editorial director.

SPONSORED REPORT

Cybersecurity threats proliferating for midsize and smaller businesses

This report details how SMBs can properly protect private information from breaches, design and implement a cybersecurity policy, and create safeguards for training and education.

QUIZ

News quiz: Senate health care bill in the spotlight

Reports related to the Republican bill to repeal many provisions of the PPACA, other tax issues, and the giant AICPA ENGAGE Conference offered a diverse reading list for June. See how much you know about recent news with this short quiz.