This week, the Governmental Accounting Standards Board voted to approve two new Statements to improve financial accounting and reporting relating to postemployment benefits other than pensions (OPEB).
The two new Statements are:
GASB Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans. GASB 74 addresses reporting by OPEB plans that administer benefits on behalf of governments. This Statement requires more extensive note disclosures and Required Supplemental Information (RSI) related to the measurement of the OPEB liabilities for accumulated assets in addition to note disclosure. Statement 74 will be effective for the fiscal year ending June 30, 2017 or August 31, 2017, depending upon the school district's fiscal year end date.
GASB Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions. GASB 75 addresses reporting by governments that provide OPEB to their employees and for governments that finance OPEB for employees of other governments. This Statement will require more extensive note disclosures and required supplementary information (RSI) about their OPEB liabilities. Causes of increases and decreases in the OPEB liability and a schedule comparing a government’s actual OPEB contributions to its contribution requirements will also be reported in the new RSI schedule. Statement 75 will be effective for the fiscal year ending June 30, 2018 or August 31, 2018, depending upon the school district's fiscal year end date.
To access the GASB News Release on these topics dated June 2, 2015, click on the link below.
http://www.gasb.org/cs/ContentServer?c=GASBContent_C&pagename=GASB%2FGASBContent_C%2FGASBNewsPage&cid=1176166092700