CPAs and Advisors with Your Growth in Mind

Implementation Guide on Other Postemployment Benefits Issued

A recently issued Implementation Guide by the Governmental Accounting Standards Board (“GASB”) offers guidance with GASB Statements regarding other postemployment benefits (“OPEB”). The guide, Implementation Guide No. 2017-3 , Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions (and Certain Issues Related to OPEB Plan Reporting), answers questions related to the requirements under GASB Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions. Also addressed are several issues concerning GASB Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans. Download Implementation Guide No. 2017-3 from GASB.org.

Topics: , , , ,

GASB Proposes Updated Implementation Guide

The Governmental Accounting Standards Board (“GASB”) is proposing an Implementation Guide update to help clarify and explain GASB Statements concerning topics such as pensions, tax abatements, cash flow reporting, and management discussions and analysis. Issued as an Exposure Draft, Implementation Guide No. 201Y-X, Implementation Guidance Update—201Y, would amend Implementation Guide No. 2015-1, Questions 1.65.4, 2.14.1, 5.97.2, 5.192.1, 7.9.2, 7.24.7, and 9.24.4, and Implementation Guide No. 2016-1, Implementation Guidance Update—2016, Question 4.77. Comments on the Exposure Draft are due Friday, February 16.

Topics: , , , , , , ,

GASB Issues Exposure Draft for Postemployment Benefits

Proposing implementation guidance regarding postemployment benefits, the Governmental Accounting Standards Board (“GASB”) has released the exposure draft, Implementation Guide No. 201X-Z: Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions (and Certain Issues Related to OPEB Plan Reporting). The proposal aims to offer guidance on the requirements under GASB Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions, as amended, and GASB Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans. It also features rules that would eliminate transition-related guidance at the end of the transition period for GASB Statement No.. Read More.

Topics: , , , , , , ,

Implementation Guide Published for GASB Statement 74

Announced in its May 9 press release , the Governmental Accounting Standards Board (“GASB”) has released Implementation Guide No. 2017-2, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans. The Implementation Guide features answers to over 150 questions related to GASB Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans. Download Implementation Guide No. 2017-2 at GASB.org.

Topics: , , ,

GASB Issues New Implementation Guidance

Earlier this week, the Governmental Accounting Standards Board (“GASB”) published Implementation Guide No. 2017-1, Implementation Guidance Update–2017 . The guidance update addresses questions concerning recent GASB-issued standards and implementation issues. The update also replaces previously issued guidance, and features new questions and answers on the following matters: Cash flow reporting in regard to changes in an employer’s liability to employees for defined benefit pensions or defined benefit postemployment benefits other than pensions (“OPEB”) and an employer’s deferred outflows of resources and deferred inflows of resources related to pensions or OPEB The Financial Reporting Entity Pensions—Employer and Plan Accounting and Reporting Accounting and Financial Reporting for Certain Investments. Read More.

Topics: , , , , , ,

GASB Issues Implementation Guide No. 2016-1

The Governmental Accounting Standards Board (“GASB”) has published Implementation Guide No. 2016-1, Implementation Guidance Update–2016 (Implementation Guide), to address questions concerning newly issued GASB Statements on fair value and tax abatement disclosures. Effective for reporting periods starting after June 15, 2016, the Implementation Guide also covers issues on other topics the GASB has been made aware of, and reinstates previous questions and answers that were updated for recently issued standards on pensions and other postemployment benefits. Implementation Guide No. 2016-1 is available on the GASB Web site.

Topics: , , , , ,