New GASB Guidance on Reporting Postemployment Benefits
October 20, 2016
The Governmental Accounting Standards Board (GASB) has released a draft implementation guide related to GASB Statement 74, which sets standards for financial reporting of postemployment benefits other than pensions (also known as “OPEB”). The proposed guide, available here, includes implementation guidance, questions and answers, comments on the scope and applicability of the statement, definitions, and other specific guidance.
GASB will accept comments on the proposed guide up until December 19, 2016. Instructions for comment submissions can be found in the link provided above. Counties are encouraged to share comments with CSAC should they provide them to GASB. A copy of comments can be sent to Faith Conley.
Counties are aware that reporting financial information on OPEB is complex. This draft guidance document from GASB could prove to be a helpful step towards clarifying the requirements to ensure uniformity and to make sure that the information is as useful as possible.