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 QUIZ

How well do you know small business?

There are over 30 million small businesses in the U.S., and many of them are optimistic in their outlook. Are you familiar with the obstacles and opportunities they are facing? Test your small business acumen with this quiz sponsored by Chase Ink®.

SPONSORED REPORT

In focus: Payroll

Providing payroll services that comply with ever-changing regulations and meet evolving employee and employer demands is no easy task. Paychex's Tom Hammond discusses common payroll considerations for CPA firms.