GASB proposes OPEB implementation guidance

The board issued a standard on retiree benefits in 2015.

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

A recently issued exposure draft for state and local government accounting aims to 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. The comment period closed Dec. 19.

SPONSORED REPORT

6 key areas of change for accountants and auditors

New accounting standards on revenue recognition, leases, and credit losses present implementation challenges. This independently-written report identifies the hurdles that accounting professionals face and provides tips for overcoming the challenges.

PODCAST

How tax reform will impact individual taxpayers

Amy Wang, a CPA who is a senior technical manager for tax advocacy at the AICPA, answers to some of the most common questions on how the new tax reform law will impact individual taxpayers.