GASB ISSUES IMPLEMENTATION GUIDE ON OTHER POSTEMPLOYMENT BENEFITS
Norwalk, CT, December 19, 2017—The Governmental
Accounting Standards Board (GASB) has issued a new Implementation Guide
that contains questions and answers about the GASB's new standards on
accounting and financial reporting for postemployment benefits other
than pensions. Those benefits (primarily retiree healthcare) are
referred to as other postemployment benefits (OPEB).
Implementation Guide No. 2017-3, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions (and Certain Issues Related to OPEB Plan Reporting), provides answers to questions intended to clarify, explain, or elaborate on the requirements of GASB Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions.
The document also addresses a limited number of issues related to Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans.
The guide is available for download at no charge on the GASB website, www.gasb.org. Printed copies will be available through the GASB Store in the coming weeks.
The questions and answers contained in GASB Implementation Guides
constitute Category B authoritative guidance under generally accepted
accounting principles (GAAP). The guidance is applicable to all state
and local governments that follow GAAP when preparing their financial
About the Governmental Accounting Standards Board
Established in 1984, the GASB is the independent, private-sector
organization based in Norwalk, Connecticut, that establishes accounting
and financial reporting standards for U.S. state and local governments
that follow Generally Accepted Accounting Principles (GAAP). These
standards are recognized as authoritative by state and local
governments, state Boards of Accountancy, and the American Institute of
CPAs (AICPA). The GASB develops and issues accounting standards through a
transparent and inclusive process intended to promote financial
reporting that provides useful information to taxpayers, public
officials, investors, and others who use financial reports. The
Financial Accounting Foundation (FAF) supports and oversees the GASB.
For more information, visit www.gasb.org.