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GASB Announces Drafts of New OPEB Accounting Standards

05-20-2014 |

New accounting standards requiring recognition of unfunded OPEB liabilities will be released as Exposure Drafts in June 2014.

The Government Accounting Standards Board (GASB) has announced that Exposure Drafts of two new accounting standards for OPEB plans will be issued in June, 2014.

The accounting standards are expected to be similar to GASB 67 and 68, governing accounting for pension benefits.  As with Statement 68, we expect that unfunded OPEB liabilities will be recognized on the face of an agency's financial statements.
 

Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans, will address financial reporting by plans that administer OPEB benefits on behalf of governments, currently under GASB Statement 43.

Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions, will address accounting and financial reporting by government employers, currently covered by GASB Statement 45.

 

Read the full notice here:

GASB OPEB Notice

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