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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.

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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.

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GASB Statement 85 Addresses Various Practice Issues

The Governmental Accounting Standards Board (“GASB”) has issued GASB Statement No. 85, Omnibus 2017, to address the following accounting and financial reporting matters: Merging a component unit when the main government is a business activity being disclosed in a single column for financial reporting purposes. Disclosing amounts that were previously reported as goodwill and negative goodwill. Categorizing real estate held by insurance companies. Assessing specific money market investments and contributing interest-earning investment contracts at amortized cost. Timing of the assessment of pension and other postemployment benefits (“OPEB”) liabilities, and associated expenditures identified in financial statements that are prepared with the. Read More.

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Decisions from FASB’s January 25 Meeting

In addition to making progress on its hedge accounting project , the Financial Accounting Standards Board (“FASB”) made decisions at its January 25 meeting on the following projects: Agenda Consultation. After reviewing feedback on its Invitation to Comment, Agenda Consultation, and discussing research to conduct on intangible assets, pensions and other postretirement benefit plans, and distinguishing liabilities from equity, the FASB made no technical decisions. The FASB plans to discuss feedback on reporting performance and cash flows at a later meeting. Disclosure Framework: Disclosure Review—Income Taxes. No technical decisions were made concerning the summary of comments the FASB received regarding the proposed Accounting Standards Update, Income Taxes. Read More.

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Implementation Guidance Proposed for OPEB Plans

An Exposure Draft has been issued on a proposed Implementation Guide aimed to clarify the requirements of Governmental Accounting Standards Board (“GASB”) Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans. The GASB’s proposed Implementation Guide features over 150 questions regarding the new standards on financial reporting for other postemployment benefit (“OPEB”) plans. The  Exposure Draft for Implementation Guide No. 201X-X, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans , can be accessed on GASB.org. Comments are being accepted through Monday, December 19.

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GASB Omnibus Statement Proposed to Address Practice Issues

Newly proposed guidance by the Governmental Accounting Standards Board (“GASB”) seeks to address various reporting issues during the implementation of certain pronouncements. The Exposure Draft, Omnibus 201X, covers the following issues: Simplifications concerning the alternative measurement method for other postemployment benefits (“OPEB”). Reporting goodwill and negative goodwill. Disclosing on-behalf payments for pensions or OPEB in employer financial statements. Categorizing real estate for operations and investment reasons by insurance companies. Assessing specific money market investments and contributing interest-earning investment contracts at amortized cost. Comments on Omnibus 201X  are due Wednesday, November 23. To download the Exposure Draft, visit the GASB website.

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