GASB issues OPEB implementation guide

By Ken Tysiac

GASB issued an implementation guide Tuesday that provides questions and answers about the new state and local government accounting standard for other postemployment benefits (OPEB).

The standard addresses accounting for nonpension postemployee benefits, which primarily consist of retiree health care. Implementation Guide No. 2017-3, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions (and Certain Issues Related to OPEB Plan Reporting), provides implementation guidance for GASB Statement No. 75 and addresses some issues related to GASB Statement No. 74.

Questions and answers contained in GASB implementation guides constitute Category B authoritative guidance under GAAP.

Ken Tysiac (Kenneth.Tysiac@aicpa-cima.com) is a JofA editorial director.

Where to find November’s flipbook issue

The Journal of Accountancy is now completely digital. 

 

 

 

SPONSORED REPORT

Get Clients Ready for Tax Season

This comprehensive report looks at the changes to the child tax credit, earned income tax credit, and child and dependent care credit caused by the expiration of provisions in the American Rescue Plan Act; the ability e-file more returns in the Form 1040 series; automobile mileage deductions; the alternative minimum tax; gift tax exemptions; strategies for accelerating or postponing income and deductions; and retirement and estate planning.