GASB Releases New Statements for OPEB Accounting and Non-Trust Pension Plans
The Governmental Accounting Standards Board (GASB) has released two new statements related to accounting for Other Postemployment Benefits (OPEB). Statement 74 provides for Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans and concerns reporting by the plans. Statement 75 provides for Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions and concerns the reporting of liabilities and costs by the plan sponsor.
GASB also issued a Statement 73 related to pension benefits not funded through a formal trust.
GASB's news release and a link to the statements can be found here.
Cheiron is reviewing the statements and will be providing details in an upcoming Client Advisory.
Cheiron is an actuarial consulting firm that provides actuarial and consulting advice. However, we are neither attorneys nor accountants. Accordingly, we do not provide legal services or tax advice.