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.

SPONSORED REPORT

2019 State of Financial Reporting Survey

We surveyed nearly 600 finance and accounting professionals on their month-end close and reporting processes. See the results.

VIDEO

What RPA is and how it works

Robotic process automation is like an Excel macro that can work on multiple applications, says Danielle Supkis Cheek, CPA. RPA can complete routine, repetitive tasks such as data entry, freeing up employee time from lower-level chores.